There's something funny going on in the U.S. labor market. Businesses are desperate to hire and they're raising wages to attract workers, but they still...
There’s something funny going on in the U.S. labor market. Businesses are desperate to hire and they’re raising wages to attract workers, but they still can’t find enough people to fill a record number of job openings.
“At a time when the economy is emerging from the pandemic and the labor force is still 3.5 million below its pre-pandemic level, it is nothing short of a disaster,” argued chief U.S. economist Paul Ashworth of Capital Economics.Read:‘We are struggling to find employees to help us keep up,’ manufacturers say
Conservatives say the extra benefits are shackling the recovery while liberals argue that companies simply need to pay more money to fill open jobs.Yet that’s what many businesses are already doing. Average hourly pay rose sharply in May for the second month in a row, with increases particularly strong in lower-wage jobs at hotels, restaurants and entertainment venues.
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