The economy is doing great, consumer spending is way up, more businesses continue to open up fully, and hiring numbers during the month of March were very good,
But there is one issue that is becoming very real for business owners around the country; finding enough people to hire.
The reason is pretty simple. Many people that are considered in the unemployment category won’t go back to work because they are making too much free money from the government, or they fit into a category of those that are fearful of catching COVID in an office.
The official number of people claiming unemployment is just shy of 10 million, and there’s another 4.6 million people who bailed on working and quit the workforce during the pandemic.
Bank of America carried out a study and reported that they estimate that workers who previously made less than $32,000 annually would be actually better off just collecting unemployment payments.
Millions of workers, and a very large number of service workers and workers in the restaurant industry have clearly done that math for themselves already, because restaurants are having very difficult times finding enough people that want to earn a paycheck.
More data released by B of A in this study shows that 1.2 million workers retired during the pandemic, and 140,000 workers are out of the workforce because they died of COVID-19.
By the ed of the year, Bank of America said the unemployment rate should fall from the current 4.7% to 4.2%, and by the end of next year, ht should get back to where it was before the pandemic, 3.5%.