Page 15 - THE SOUTH CHINA BUSINESS JOURNAL
P. 15
example, durable goods manufacturing, Conversely, in the transportation, construction, and
wholesale and retail trade, and education and health mining industries, there is a labor surplus. There are
services have a labor shortage—these industries more unemployed workers with experience in their
have more unfilled job openings than unemployed respective industry than there are open jobs.
workers with experience in their respective industry. The manufacturing industry faced a major setback
Even if every unemployed person with experience after losing roughly 1.4 million jobs at the onset of
in the durable goods manufacturing industry were the pandemic. Since then, the industry has struggled
employed, the industry would only fill half of the to hire entry level and skilled workers alike.
vacant jobs.
Remote work has changed the game
Some industries have been less impacted by labor
shortages but are grappling with how to deal with
the rise of remote work. For example, the rise of
remote work might explain why there has been less
“reshuffling” in business and professional services.
Gallop found that 91% of U.S. workers hoped they could
continue working some of their hours from home,
and three in 10 workers signaled they would seek new
employment if they were recalled to the office.
The business and professional services industry has
had lower unemployment rates and has maintained
above average hiring rates. More than 1.2 million
people were hired into the industry every month
between July 2021 and August 2022.
SOUTH CHINA BUSINESS JOURNAL 12
wholesale and retail trade, and education and health mining industries, there is a labor surplus. There are
services have a labor shortage—these industries more unemployed workers with experience in their
have more unfilled job openings than unemployed respective industry than there are open jobs.
workers with experience in their respective industry. The manufacturing industry faced a major setback
Even if every unemployed person with experience after losing roughly 1.4 million jobs at the onset of
in the durable goods manufacturing industry were the pandemic. Since then, the industry has struggled
employed, the industry would only fill half of the to hire entry level and skilled workers alike.
vacant jobs.
Remote work has changed the game
Some industries have been less impacted by labor
shortages but are grappling with how to deal with
the rise of remote work. For example, the rise of
remote work might explain why there has been less
“reshuffling” in business and professional services.
Gallop found that 91% of U.S. workers hoped they could
continue working some of their hours from home,
and three in 10 workers signaled they would seek new
employment if they were recalled to the office.
The business and professional services industry has
had lower unemployment rates and has maintained
above average hiring rates. More than 1.2 million
people were hired into the industry every month
between July 2021 and August 2022.
SOUTH CHINA BUSINESS JOURNAL 12
