Our workers shortage crisis got worse in October. The Bureau of Labor Statistics (BLS) reports there were more than 11 million job openings in the economy at the end of the month.
Why it matters: That is 431,000 more than in September. In total, businesses have added almost 4.2 million job openings in 2021.
- But: There are now 3.6 million more job openings than there are unemployed workers in the economy. This gap continues to be above historical norms.
Be smart: The quit rate was 2.8% in October–down from 3% in September, which was the highest ever. Workers know that jobs are plentiful, and that they can get another job easily if they leave theirs.
- Don’t forget: The workforce grew in November by 600,000. Hopefully this trend continues.
Bottom line: This enormous number of job openings is holding the economy back from reaching its potential and is threatening what should be a prolonged economic boom. Congress and the Biden administration should focus on getting people off the sidelines and back to work instead of their unrelated Build Back Better bill which would likely exacerbate the worker shortage crisis.
—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce |
