September Hiring Comes In Well Under Expectations

https://rss.shrm.org/link/22135/14799276/bls-hr-jobs-unemployment-october-2021-covid19-coronavirus.aspx

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​U.S. employers added a disappointing 194,000 new jobs in September, with hiring in leisure and hospitality leading the way, according to the latest employment report from the Bureau of Labor Statistics. The unemployment rate dropped to 4.8 percent from 5.2 percent in August. Economists had forecast that employers added about 500,000 new jobs last month.

The report reflects nine consecutive months of payroll gains, but hiring has fallen sharply in August and September and total employment is still below pre-pandemic levels. Economists believe that the rate of job growth this year would likely have been higher if not for the COVID-19 delta variant slowing hiring activity.

Difficulty finding workers to fill open jobs continues to hold back hiring as well. Evidence shows that many employers are increasingly desperate to hire, offering higher pay, signing bonuses and more flexible working hours to attract applicants, a shift in power that has given job seekers the upper hand in the recruitment process.

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