Nov 15, 2021 - Economy
Charted: Why it’s tough to hire
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By many metrics, the labor market keeps getting tighter.
Driving the news: One of those measures is a ratio showing that for every job opening in September, there was way less than one person actually seeking a job.
- The 0.7 job seekers available per job is an all-time record low with the exception of one month — April 2019 — when the stat hit 0.69, according to the government’s Job Openings and Labor Turnover (JOLTS) report, released Friday.
Why it matters: Layer that lopsided ratio onto a situation in which job seekers’ skills and geographic locations may be at a mismatch with employer needs — and it’s a recipe for hiring challenges.
State of play: Job quits also hit a new record in September, at 3% of the total workforce, besting several records set earlier this year.
- With workers in high demand, they’re able to more easily hop to new jobs with higher pay or better conditions.
