Job openings down in most industries, while layoffs spike
Layoffs spiked in November compared with the previous month and the number of job openings slipped, a sign the job market has stalled as the resurgent coronavirus has forced new shutdowns of restaurants and bars and discouraged consumer spending. While the layoffs were concentrated among restaurants, bars and hotels, the slowdown in job postings was widespread across most industries, showing a reluctance by businesses to hire more people amid a pandemic fueled recession. Layoffs, however, soared 17.6% to 1.9 million, driven mostly by job cuts at restaurants, bars and hotels, which more than doubled. Tuesday’s report, known as the Job Openings and Labor Turnover Survey, or JOLTS, adds more details about hiring and firing by businesses and government agencies. Last week, job postings website Indeed said that while companies listed more jobs in December, the pace had slowed from previous months.
Metro Detroit businesses struggle to find workers amid COVID-19 unemployment bonuses
DETROIT – Many businesses in Metro Detroit and around the state of Michigan are having a hard time finding workers since the coronavirus (COVID-19) unemployment bonuses don’t expire until the end of the month. Help wanted signs have been popping up all around town as businesses battle a lack of workers. “The economy can’t restart fully until employees are willing to return to work,” Block said. The shortage of workers should end after July, unless Congress decides to approve another stimulus. The state unemployment rate is at around 20% despite the many job availabilities.