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Business Concern: The new data, along with the median jobs report for May, are fueling business complaints about an employment shortage. The National Federation of Independent Business’s optimism gauge dropped slightly last month, with nearly half of business owners reporting that they were unable to find workers to fill job openings.
Where the jobs are: Accommodation and food service jobs — industries that have been rocked by the coronavirus pandemic — saw the largest increase in new opportunities reported in April, followed by “other services” and manufacturing.
What it means: Economists say a tight labor market gives workers more power in their career choices, particularly in the hospitality industry.
“Higher quits mean workers are comfortable leaving their jobs in search of a better match,” wrote Elise Gould, chief economist at the left-leaning Economic Policy Institute. “Low layoffs are good. Economic recovery is gaining momentum.”
Nick Bunker, director of research at job site Indeed, added: “The sectors that are leading the way to quitting are those where labor markets are already fairly tight or where employment is increasing: leisure and hospitality, transportation and warehousing, and retail.”
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