![]() People who change jobs are seeing faster wage growth than people who stay. The current period of historic turnover can be "an exciting moment for job seekers who are benefiting from employers offering hiring incentives and reducing their requirements" or time to hire, Pollak says. The tight labor market could impact the holidays labor market added 531,000 jobs in October, an improvement from a sluggish September, led by roles in leisure and hospitality professional and business services manufacturing and transportation and warehousing. The largest gaps in openings versus available workers remain in health care, transportation and warehousing jobs that require in-person work and where the risk of contracting Covid-19 remain high, Pollak says. Hetrick says some markets, especially in the South and West, could have even fewer available workers for every job opening. Of course, those are nationwide averages. Employers in strained industries are fighting for the same workers who are quitting at record rates.Īs of September, there were seven unemployed workers for every 10 job openings - a record low - giving people the upper hand in being choosy with their next role. The Labor Department reported 10.4 million job openings in September, consistent with previous months, with the largest increases in health care and social assistance state and local government, excluding education wholesale trade and information roles.īut high job openings paired with high quits rates is leading to what Emsi Burning Glass senior economist Ron Hetrick refers to as a game of musical chairs.
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