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Recent data released by the U.S. Chamber of Commerce shows that the U.S. leisure/lodging industry has been hardest hit by the current labor shortage.
According to the U.S. Bureau of Labor Statistics, turnover rate is the number of employees who voluntarily leave a company during a given month as a percentage of employment. The sector’s exit rate in December 2023 was 4.3%, higher than all other sectors, including wholesale/retail (2.5%), professional/commercial (2.5%), financial activities (1.5%) and durable goods manufacturing (1.3%) .
The U.S. Chamber of Commerce also reported that the industry has had some of the highest turnover rates in years, with the lodging and food services industry subsector recording more than 4.5% since July 2021. Even before the pandemic, wages made it difficult to retain workers. “The article pointed out.
However, the U.S. Chamber of Commerce found that the current data does not reflect what it calls a “great resignation” but is better described as a “great shakeout.” While the leisure/hotel industry has had the highest worker turnover rate, it has also maintained the highest hiring rate of any industry in the country since 2020 (ranging from 6% to nearly 19%). Comparing these rates with the national average, September 2023 recorded just 3.7%.
The article points out that the professional and business services sector and the education and medical services sector have the highest number of vacancies. The professional and business services sector represents a variety of occupations, including landscaping workers, janitors and waste workers.
The leisure/hotel industry also had the highest unemployment rate at 4.8%. The article stated that the “healthy” unemployment rate in the United States is usually between 3% and 5%.
To view more data, visit the U.S. Chamber of Commerce website.
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