Despite soaring inflation, the U.S. economy continues to benefit from strong job growth as it continues to recover from the COVID-19 pandemic. Still, many companies and businesses are struggling to find and hire workers, as the number of unfilled jobs has hit multi-decade highs in recent months. There were over 11.5 million job openings nationwide at the end of March 2022, an all-time high, and 36% more than the same month last year.
Causes of the historic labor shortage vary. During the pandemic, early retirements surged, parents of school-age children left the workforce en masse, and immigration slowed considerably – resulting in millions of fewer workers than there otherwise would have been. This is what it costs to retire comfortably in each state.
Today, the labor force participation rate – the share of Americans 16 and older either working or looking for work – stands at 62.2%, a low not seen in the pre-pandemic United States since the 1970s. The national labor shortage is putting a strain on businesses across the country, forcing some to reduce hours and others to close completely.
Using data from the Bureau of Labor Statistics, 24/7 Wall St. identified the states with the most job openings. States are ranked by the share of all jobs that were unfilled as of the end of March 2022, the most recent month of available data. Depending on the state, the share of jobs that remain unfilled ranges from 6.0% to 9.8%. For context, 7.1% of jobs nationwide are unfilled.
Despite the need for workers, a small percentage of the labor force remains unemployed, suggesting that among the unemployed there is a mismatch between either the skills employers are seeking and the labor pool or the kind of work or benefits job seekers desire and what employers offer. The national unemployment rate was 3.6% in March 2022. Depending on the state, unemployment ranges from 2.0% to 5.3%. Here is a look at the industry laying off the most Americans.
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