– Ladies and gentlemen, welcome to beer with Emsi.
I hope you had a wonderful Easter and a great break from the craziness of this world.
Today we’re drinking No Li Cascade Fog Hazy Indian Pale Ale.
Thanks for coming.
I think that was really good pour.
Mmmm, that’s actually really tasty.
It’s No Li, you have good beer.
All right, let’s jump in.
It’s April and change is in the air and it really feels like we’re emerging from that frozen economy that we’ve all been stuck in since last March.
Well, pretend you know what you’re doing up there.
The job market’s heating up.
And there are three reasons why and we’re going to cover those today.
First, as you probably heard, the BLS just announced that the economy has added a staggering 916,000 jobs in March.
That’s a whopping 142 percent increase from February.
In other words, last month.
The big winners are, this is exciting, leisure and hospitality, adding 280,000 jobs.
Two thirds of those were just from the restaurant and bar industry, which is really encouraging.
Leisure and hospitality are still 3.1 million jobs behind their numbers from February of last year.
So they’ve got a ways to go to get to full recovery.
I’m gonna drink some more beer.
I feel alive.
Second, the BLS’s most recent job openings and labor turnover survey, commonly known as Jolts, found out that the total number of job openings in February topped 7.37 million.
7 million open jobs.
I need more text.
Now remember, Jolts has a two month lag so we aren’t able to tell you about March just yet but using our incredible powers of prediction, whoa, we expect the job openings number to rise even higher; 7.5 million for March.
How do we know this?
Remember, there’s a close relationship between Jolts and Emsi’s job postings.
Since we get our job posting data in real time we can use it to predict how many openings Jolts will report.
Third and finally, there were 5.4 million new job postings in March.
That’s up 18 percent from February, and a huge 53 percent increase from one year ago.
What’s driving those job postings so high?
Postings for logistics, especially truckers, increased by 25 percent in one month and are up nearly 70% from a year ago.
March saw nearly 290,000 new job postings for logistics.
Bam, that’s a lot of truckers.
And again, restaurants added nearly 200,000 new postings.
That is a 33 percent increase in just one month.
And it’s 50 percent higher than we were last year.
Get a little, little mojo back.
Even hotels bounced back.
Today, postings are 75 percent higher than they were in March of 2020.
There is so much more to talk about and so much more for you to know about.
So you should go to our blog and check it out.
It’s really helpful information.
But before we go, what does all this warming of the labor market mean?
We are experiencing a shortage of talent.
Companies are in desperate need of people.
So in March we had 5 million new postings and only a million new people started jobs with employers.
I’m no mathematician, but there’s a gap there.
And that’s the labor force shortage that we’re starting to see.
The problem is the labor force participation rate is at a near record low of 61 percent which means that millions of working age Americans are not in the labor force and aren’t even trying to fill those 5 million new postings.
Hey Dave, could you put your head in the way?
That’d be great.
The good news, this means that all these millions of dislocated and unemployed workers who are looking for jobs, there is plenty of opportunity for them.
We just need to create more and better ways for jobs and people to connect.
And that’s what Emsi’s is all about.
So stay tuned.
Next week we are going to have a big announcement on how we are working to help companies address some of these really big challenges.