Companies Continue To Struggle To Find Workers — What Can Be Done?

According to the U.S. Bureau of Labor Statistics, there were 10.4 million jobs left unfilled in the United States in August. That number was down from July’s historic high of 11 million, but was still significantly elevated. That number also was especially dismaying since there were eight million unemployed Americans in August, meaning there are only 0.8 unemployed workers for every U.S. job opening.

While lower levels of unemployment obviously is a positive development for the nation as a whole, these numbers clearly show the United States is facing a severe jobs gap. The gap is especially profound in the broad manufacturing industry. Indeed, the U.S. data showed manufacturing job openings coming in at 897,000, down from 906,000 in July. Still, August was the fifth straight month where job postings in the industry exceeded 800,000. Additionally, August saw an all-time high for job openings at nondurable goods firms, up from 388,000 to 393,000.

Meanwhile, the National Federal of Independent Business’ most recent monthly survey of small business owners found 51 percent have job openings that cannot be filled, a 48-year record high for the third consecutive month.

The U.S. Chamber of Commerce has more research on the worker shortage crisis, along with a list of solutions policymakers and business owners can take to address it. Find that resource here.

Think this issue only impacts U.S. firms? Think again. As the Financial Post reported last month, a survey from The Harris Poll found “Canadian firms remain desperate for workers, and are finding it increasingly difficult to fill vacant roles.” Indeed, 84 percent of companies told a Harris pollster that they expect to face problems hiring this year. Nearly one-third of employers reported that they currently have open positions they cannot find anyone to fill. Want to share best practices for worker recruitment with your industrial metals colleagues? Join the conversation on MSCI’s Community Forum.