Re-Openings boosted demand for low-paying jobs in June, demand for other jobs remains generally weak
• The pandemic’s initial impact to hiring – sharp, across-the-board cuts in late March – has given way to a slow, sustained increase in the number of new job listings each day.
• State-level partial reopenings boosted job demand in June, especially for retail and hospitality jobs
• Companies in general are ‘playing it safe’ with hiring – they have adjusted hiring to focus on those jobs where there is a clear fit with the ‘new normal’ (when it is apparent)
• Meanwhile, weekly initial unemployment claims are declining from record levels, but are still much higher than pre-pandemic levels
• Increased hiring demand is placing downward pressure on unemployment (a good thing) but it's not clear how quickly unemployment will fall given that many new jobs are competing with unemployment benefits programs
Sources: Greenwich.HR / One Model