It was a recording setting month for the labor market. Despite the ongoing pandemic, the number of job openings in the U.S. economy hit a record 10.1 million in June, just another sign the job market and economy are bouncing back.
It’s a trend that’s fueling what has been called a robust market for job-seekers. As businesses, especially those in the restaurant and hospitality industries, look to fill numerous positions, we’ve seen the power shift into the hands of the employee. Many companies have changed their hiring tactics, turning to extra benefits and higher wages to entice potential recruits.
The increase in jobs was widespread among industries, led by professional and business services, up 227,000, retail, with an increase of 133,000, and accommodation and food services, up 121,000.
Even though the job market is booming, the so-called “Great Resignation” movement hasn’t slowed either. Workers are continuing to leave their jobs in large numbers, with 3.9 million people calling it quits in June. That number is up 239,000 from the month of May. It seems with so many new opportunities, workers are leaving their old jobs in search of something better.
But it’s not all positive news for job seekers. There’s still a large number of people currently unemployed. According to the Bureau of Labor Statistics, the unemployment rate reached 5.4% in July. Although that’s a decrease of 0.5 percent from June, unemployment rates are still higher than pre-pandemic levels.
According to an article in Forbes, “top-tier investment bank Goldman Sachs contends that this positive trend of job growth will continue. Jan Hatzius, an economist at the bank, predicts that the unemployment rate will continue to fall. Hatzius feels it will be about 4.1% in 2021 and then fall to 3.5% in 2022.” This would bring us back to the 50- year record lows of unemployment.
Experienced Employment Law Attorney, Mediator, Arbitrator, Investigator, Legal and Media Commentator
Twice-named a U.S. News Best Lawyer in America for employment and labor law, Angela Reddock-Wright is an employment and labor law attorney, mediator, arbitrator, and certified workplace and Title IX investigator (AWI-CH) in Los Angeles, CA. Known as the “Workplace Guru,” Angela is an influencer and leading authority on employment, workplace/HR, Title IX, hazing, and bullying issues.
Angela is a regular legal and media commentator and analyst and has appeared on such media outlets as Good Morning America, Entertainment Tonight, Law and Crime with Brian Ross, Court TV, CNN, NewsNation, ABC News, CBS News, Fox 11 News, KTLA-5, the Black News Channel, Fox Soul – The Black Report, NPR, KPCC, Airtalk-89.3, KJLH Front Page with Dominique DiPrima, the New York Times, the Washington Post, the LA Times, Forbes.com, Yahoo! Entertainment, People Magazine, Essence Magazine, the Los Angeles Sentinel, LA Focus, Daily Journal, Our Weekly and the Wave Newspapers.
Angela is a member of the panel of distinguished mediators and arbitrators with Judicate West, a California dispute resolution company. She also owns her own dispute resolution law firm, the Reddock Law Group of Los Angeles, specializing in the mediation, arbitration, and investigation of employment discrimination, harassment, retaliation, and other workplace claims, along with Title IX, sexual harassment, assault, and misconduct conduct cases, along with hazing and bullying cases in K-12 schools, colleges and universities, fraternities and sororities; fire, police and other public safety agencies and departments; and other private and public sector workplaces.
For more information regarding resources for employers, businesses, and employees during this time, connect with her on LinkedIn for new updates, or contact her here. You may also follow her on Instagram.
This communication is not legal advice. It is educational only. For legal advice, consult with an experienced employment law attorney in your state or city.