Everyone is getting free money…why should they work?
The American job market grew last month but not by nearly as much as expected. Employers added just 266,000 jobs in April compared to 770,000 in March.
Why the slowdown? The recovery from the pandemic recession is happening so quickly that businesses cannot rehire workers fast enough in the face of surging consumer demand. The federal government is still offering a $300-a-week unemployment benefit, which some employers say disincentivizes people who might return to work. Other people say they fear catching the virus on the job, and the supply chain for construction and manufacturing companies is still getting up-to-speed after widespread shutdowns.
Dig deeper: Listen to Sarah Schweinsberg’s report on The World and Everything in It podcast about business owners’ difficulties filling job positions.