According to the Bureau of Labor Statistics, the number of job openings in the US in September near a record high, but although demand for workers is almost as strong as ever, leaving rates hit a new high, and analysts at Goldman Sachs It is believed that labor force participation will take longer than ever to recover from the pandemic.
According to the Labor Department’s Job Openings and Labor Turnover, there were 10.4 million open jobs at the end of September, nearly flat compared to a month earlier and approaching a record-setting 10.9 million at the end of July. report good Released on Friday.
The number of people leaving jobs rose to 4.4 million in September, while the number of layoffs and dismissals changed little at 1.4 million.
Although jobs are “abundant,” analysts at Goldman Sachs on Thursday cut their projections for labor force participation by the end of the year to just 61.9% and 62.1% at the end of next year — meaning workers Or the number of people working. must stay on 45 years Lowly.
Led by Goldman’s Jan Hetzius, analysts noted most of the 5 million people who have been out of the labor force since the start of the pandemic are over the age of 55 and likely will not return to work. , about 1.5 million and 1 million respectively, largely due to early and natural retirement.
Although childcare barriers and health-risk concerns have improved with school reopenings and vaccinations, respectively, Goldman notes that nearly 1.6 million Americans are still not working because of concerns about the spread of the COVID-19 virus. are telling.
Finally, analysts point to “liberal” government aid programs as another factor discouraging the labor supply, but they expect these effects to fade after the end of this year, when $$ per month The Extended Child Tax Credit of 300 is set to expire.