How many of you have been, or know someone who has been furloughed or laid off this year? It’s 2020 and you can’t throw a rock out of a window without hitting someone who’s job security has been affected by the pandemic. Recessions have long lasting effects on the way our job market and society operate. Consumers spend less, pregnancy rates drop, and college applications deplete; just for starters.
It is November 2020 and we are just now beginning to see some optimism for the job market. With the holidays coming up, stores will be itching to recruit to keep up with demand. It has absolutely been a tough year, but that does not mean Christmas is canceled.
Job Openings are Rising as the Economy Strives to Recover
According to an article from the Wall Street Journal, “There were 10.8 million job openings posted on online sites across the U.S. so far this month.” This is an amazing number, and it is projected to grow as this data was pulled solely from Zip Recruiter. There are a handful of alternate job sites available, and not every site will carry identical positions. The U.S. had gained back around 12.1 million jobs in October. In order for the states to break even, we would have to add an additional 12 million jobs according to Labor Department data.
Positions are Climbing as Well as COVID-19 Cases
The bigger question is, “How long with this last?” Numerous reports state coronavirus cases are rising at a shocking rate. These reports do not seem to be slowing job openings, however. For economists, these numbers give the working class and 2021 hope for the future. For medical professionals, it could end up being a nightmare within the next few weeks. Seeing as hospital admittance continues to rise and fall, the virus does not have an expiration date and could evolve just as the seasonal flu does each year. Regardless of the virus numbers, employers need workers and the working “pause” needs to come to an end.
How Long Until the Job Market Recovers?
Job market recovery depends on the pace in which employers are hiring or rehiring. If the U.S. continues hiring at the same rate as October, the future’s looking bright for the job market. Hourly shifts have increased by 13% throughout the third quarter, showing workers are either in the office or on the floor for longer increments. In coming months the U.S. will have a better idea about the impending “third wave” for coronavirus as well as hiring rates.