U.S. Job Postings are Up but Hiring is Down
WASHINGTON – A new report from the U.S. Department of Labor shows that despite unemployment being at a record high there are plenty of job openings out there, but hiring is at a lull.
While our economy struggles to be revived amid COVID-19 and millions of Americans rely on jobless aid, the Labor Department reports to the AP that for the month of July, U.S. employers advertised the highest number of jobs since the pandemic started — 6.6 million. That’s just less than half-million fewer than we saw one year ago.
Nonetheless, far fewer positions are being filled. The Labor Department reports that hiring dropped by more than a million from June to July.
At this point, only about half of the 22 million jobs lost during the pandemic have been recovered.
But the most baffling data of all is that despite the job market being weak, nearly 2.9 million Americans reportedly quit their jobs in July.
Economists say this is an unordinary trend amid a down market, but it could be because more people are staying home to avoid infection, as well as to take care of children who are unable to return to school.
The job listing website indeed.com reports that job postings for late August were down an average of 20% compared to a year earlier, with tourism and hospitality taking the hardest hit at 47% lower than a year prior.