New report shows the effect of job market and workforce shortages by state. Where is Utah ranked?
Emma Pitts
February 14, 2024
How are employers tackling the workforce deficit in a post-pandemic job market?
The job market has gradually recovered since the pandemic. However, 2.1 million workers are still missing from the workforce compared to February 2020, according to data by the U.S. Chamber of Commerce.
Without enough employees to fill the number of jobs on the market, companies are struggling to stay open. “The national labor force participation rate is nearing pre-pandemic levels, at 62.5% as of January 2024, and the unemployment rate is just 3.7%,” WalletHub reported. The report emphasizes that although the hiring pool may seem small, employees are less inclined to leave their jobs than in previous years.
“The Federal Reserve projects that the unemployment rate will increase from its current level of 3.7% to 4.1% throughout 2024. This implies that hiring will get easier than it is now but remain more difficult than it has been in most of the past 20 years,” James Bailey, an associate professor at Providence College, said, per WalletHub.
