About that Labor Shortage

share on:
car audio installer

As you search for salespeople, installers, and other employees, here’s what the experts are saying about the labor shortage throughout the US.

The extra $300/week unemployment payments from the Biden administration officially end September 6.  About half the states in the US cut those benefits off as early as two months ago (see below).  But many experts are predicting an uptick in job applicants next months as the rest of the country comes off the extra payments.

Also, by next month, many children will return to in-person learning at school, which frees up parents to work again.

But while you may find it easier to attract employees next month, you may need to pay them more than in the past.

The average salary required to entice someone to change jobs is now about $71K, according to Barron’s, citing the Survey of Consumer Expectations. That’s more than 15 percent higher from a year ago.

And finding employees may still be a challenge. The latest employment report shows there are now more jobs vacant than there are people on unemployment–approximately 10 million job vacancies and about 9.5 million people on unemployment.

There is also a question of the new COVID Delta variant and its impact on the economy and therefore, the labor market. So far, however, according to Barron’s, consumer confidence and foot traffic at retailers remains strong.

We should note that while finding installers has been a problem for years, lately some suppliers report difficulty finding employees to work in their warehouses.

States that ended the extra $300/week unemployment benefits early are listed below along with the date the extra benefits were cancelled (according to USA Today).

By some measures, said Barron’s, those states have not yet seen a big increase in employment.

  1. Alaska                             June 12
  2. Missouri                         June 12
  3. Mississippi                     June 12
  4. Iowa                                June 12
  5. Alabama                         June 19
  6. Idaho                              June 19
  7. *Indiana                         June 19
  8. Nebraska                        June 19
  9. New Hampshire            June 19
  10. North Dakota                 June 19
  11. West Virginia                  June 19
  12. Wyoming                        June 19
  13. Arkansas                         June 26
  14. Florida                             June 26
  15. Georgia                           June 26
  16. Montana                         June 26
  17. Ohio                                June 26
  18. Oklahoma                      June 26
  19. South Carolina              June 26
  20. South Dakota                June 26
  21. Texas                              June 26
  22. Utah                               June 26
  23. Maryland                       July 3
  24. Tennessee                     July 3
  25. Arizona                          July 10
  26. Louisiana                      August 3

 

Want to receive industry news? Sign up here
share on: