The country is trying to recover from over a year in pandemic mode, and although there are some glimmers of hope, job recovery is stuck between a rock and a hard place. Vaccines are working, but not enough people are getting vaccinated. Jobs are hiring, but there are not enough people applying, which is forcing a slowdown. The government put a stimulus package in place, but it is causing many people to stay home rather than seek jobs. The sluggish job market is having ripple effects in all sectors of the economy, and the US needs a suitable set of jumper cables to get businesses booming again.
Current economic recovery
There are some bright spots in the current economic recovery, but not every sector of the workforce is experiencing the same thing. Although there are more jobs available than there were when the pandemic hit in March 2020, there are fewer workers filling those rolls. The construction, manufacturing, and restaurant industries are definitely hurting. And the shortage in workers is tipping the already wavering economy.
According to the Wall Street Journal, “U.S. employers added 916,000 jobs in March, according to the Labor Department, and economists project the April jobs report, due out Friday, will show employers added 1 million more. Weekly unemployment claims fell to 498,000 last week, a new low since the pandemic began.” This is good news, but these positive numbers are not keeping up with the businesses who are clamoring for workers.
“It’s a little shocking we’re at this point already, said Steve Lucas, chief executive of iCIMS Inc, cloud-based recruiting platform with 4000 large firms, “Businesses are champing at the bit to grow and are moving faster than applicants are willing to move,”
Shockingly, USA Today reported that there are a plethora of people who have been unemployed for over six months. “Since December, 4 million people or more have been among the long-term unemployed.” There are many reasons for that, and the country needs to solve the puzzle of matching open jobs with eligible workers.
Despite the grim news about long-term unemployment, there are some positives recently that show the country might be close to a more widespread improvement. U.S.A. Today reported “The GDP grew by a robust 6.4% in the first…