The latest Job Openings and Labor Turnover (JOLTS) report from the Bureau of Labor Statistics (BLS) revealed that there are now 5.6 million more open jobs than workers available for them.
Even with job openings at a record high of 11.5 million in April 2022, the labor force participation rate declined to 62.2%, further increasing the labor crisis.
“The U.S. now has nearly double the number of open jobs than we have available workers. This is unprecedented to have this kind of extreme mismatch between open jobs and people to fill those jobs,” – Executive Vice President and Chief Policy Officer, Neil Bradley – U.S. Chamber of Commerce (Source: USChamber)
Compared to February 2020, there are over 3 million missing workers today, if the participation rates were the same as before.
Out of these, 1 million were estimated to be women only, particularly those who had left the workforce in favor of childcare duties.
As America’s labor crisis continues, organizations face increasing challenges every day in the struggle to deliver to their clients.
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