States Where Job Openings Are on the Rise
The U.S. is currently grappling with a massive labor shortage. During the pandemic, early retirements surged, parents of school-age children left the workforce en masse, and immigration slowed considerably. This led to millions of fewer workers than there otherwise would have been. Meanwhile, American workers – primarily in low-wage sectors – continued to quit their jobs in record numbers in search of better opportunities.
Today, the labor force participation rate – the share of Americans 16 and older either working or looking for work – stands at 62.2%, a low not seen in the pre-pandemic United States since the 1970s. (This is what it costs to retire comfortably in each state.)
The national shortage of workers has left employers struggling to fill open positions, forcing some businesses to reduce hours of operation and others to shutter completely. There were nearly 12 million job openings nationwide at the end of April 2022, an all-time high, and 22% more than the same month last year. In much of the country, the problem shows few signs of slowing. In the last month alone, 34 states reported an increase in the number of unfilled jobs.
Using data from the Bureau of Labor Statistics, 24/7 Wall St. identified the states where job openings are surging. States are ranked by the change in the number of open jobs between March 2022 and April 2022, the most recent months of available data.
Of the 50 states, 13 reported a month-to-month drop in unfilled jobs and three reported no change. In 14 of the 34 that reported an increase, job openings surged by over 10%.
Despite the need for workers, a small percentage of the labor force remains unemployed, suggesting that among the unemployed there is a mismatch between either the skills employers are seeking and the labor pool – or the kind of work or benefits job seekers desire and what employers offer. The national unemployment rate was 3.6% in April 2022. Depending on the state, the unemployment rate ranges from 1.9% to 5.3%. (Here is a look at the states where unemployment is at an all time low.)
Click here to see the states where job openings are on the rise
Click here to read our detailed methodology
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Source: Read Full Article