The Feb. 15 report details states where employers are finding it most difficult to hire.
Assistant Dean of Global Education and Professor of Economics Mark Kurt was featured in a recent report from WalletHub on what states employers are struggling the most with hiring.
When asked what the main factors influencing the high turnover rates in the labor markets are, Kurt told WalletHub it comes down to an overall increase in the demand for labor.
“As we entered the endemic phase of COVID, households increased their consumption and shifted it more towards services. At the same time, the number of those potentially interested in working has not increased,” Kurt said in the report. “A new paper … provides evidence of a wealth effect that discouraged workers from re-entering the labor force, particularly older workers. The combination of these two factors creates what economists call a tight labor market, a situation where there are multiple job openings per potential worker. Tight labor markets encourage higher turnover due to the shortened time and lower effort required to find another job on average.”
The full report and Kurt’s insights are available on the WalletHub site.