In the past three months, because employers are eager to find people to fill manpower, the wage level of workers has seen the biggest increase since the 1980s. According to the latest employment report released by the Department of Labor on the 2nd, as many as 850,000 jobs were added in the United States in June this year. , And the hourly salary climbed to the historical record of 15 yuan per hour.
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| Layoffs and Unemployment has increased post pandemic |
The main factor for high wages is the imbalance between supply and demand in the labor market. As life returns to normal life, businesses have begun to resume operations, so companies have an urgent need for manpower.
However, not all workers are eager to return to the job market. Many workers are not infected during the epidemic and are still being nursed; it is because the children at home have not resumed physical education and have to stay at home to look after them; and some are given by the federal government. There is too much unemployment compensation and there is no financial pressure to return to the workplace immediately; these factors have caused employers to compete fiercely for talents with other companies with better treatment than before.
This phenomenon is particularly obvious in the catering and accommodation industries. The salary of hourly employees in the catering industry increased by 2.3% in June this year. Such an increase used to take about a year, but this year there has been such a significant increase in one month. ; And among the newcomers in the lodging industry, more than 40% said that they received a better salary than expected.
Some economists believe that this phenomenon will be reversed after the end of July; Federal Reserve Chairman Jerome H. Powell estimates that since most schools will resume physical teaching in the next academic year, and the federal government’s various subsidies will also It will expire, so most workers will return to the workplace.
According to the statistics of the Federal Labor Department, the situation that Bauer estimated has gradually emerged. Compared with about 2.5 million people who were still unwilling to go out to work due to the epidemic in May, the same figure in June has dropped to 1.6 million people; Gregory Daco, economic adviser to Oxford Economic Services, said: "The balance of supply and demand in the labor market It is just a matter of time. The shortage of labor will gradually disappear in the next few months."
However, some scholars predict from the overall structure of the prime-age population that there will be shortages in the next few years. Therefore, workers in the job market still have an advantage in salary negotiations.
According to statistics from the Federal Census Bureau, last year the U.S. population of 16 to 64-year-olds had a negative growth for the first time, a decrease of 0.1% compared to 2019; this is because the number of people who immigrated to the U.S. to work last year was less than 500,000, compared to 2016 Years are cut in the same way; and because of the epidemic, the death rate has soared by 8%.
Such a manpower gap is not easy to make up in the short term. Therefore, within a few years, the labor market in the United States will still favor labor, and employers will be willing to pay higher wages.
Manoj Pradhan, the founder of Talking Heads Marco, an economic services company, said: "The overall performance of labor will definitely be better than the overall performance of the economy."
via: World Journal
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