The Labor Department reported 8.7 million unemployed jobseekers on Friday, about the same time that job placement website Indeed predicted 9.8 million opportunities, indicating a thriving employment market as the country reopens amid the pandemic.
In July, the economy added 943,000 jobs, the most in a single month since August 2020. The unemployment rate has fallen to 5.4 percent, a significant improvement from 14.8 percent in April 2020.
In 2021, the economy will have created 4.3 million jobs. The figures represent a significant triumph for the Biden administration, which advocated for the American Rescue Plan and the American Jobs Plan, both of which were funded by the Made in America Tax Plan.
“Since we assumed office, we have created almost 4 million jobs. It’s historic – and proof that our economic strategy is working “President Joe Biden made a tweet about it.
The hospitality industry, as well as the loading and stocking business, have seen significant job development.
Millions of Americans have left the job force, but a better labor market may entice them back. Companies of all sizes are rewarding new job postings.
Amazon, the world’s largest e-commerce company, recently increased its minimum pay and introduced additional employee benefits.
“We clearly expect higher demand for workers,” Amazon’s chief financial officer, Brian Olsavsky, told reporters on a conference call in July. “So far, we’ve had terrific success in hiring them with our competitive compensation and benefit package. As a result, we’re keeping a close eye on it. However, it is very likely one of the more significant sources of inflation in our industry right now.”
Wawa, the convenience store business, announced intentions to hire thousands of additional staff in May, along with a $500 bonus for new hiring.