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Friday 2 September 2022

The Daily Money: The fight for $15? More job seekers want $20 an hour

07:06

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Last year, we saw workers across the country demand a higher minimum wage as part of the Fight for $15. Now it's a push for $20 an hour. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Friday, September 2

It's Friday, folks. We made it. It's Brett Molina back again. Before you head off on your three-day weekend adventure, let's check out today's top Daily Money headlines.

The economy's red-hot hiring run has cooled off. In August, employers added 315,000 jobs while the unemployment rate rose slightly to 3.7%. 

This year, the labor market has added an average of more than 450,000 jobs, shrugging off recession worries and historic inflation. In July, the economy recovered all 22 million jobs lost due to the pandemic. However, many experts believed August would mark the end of the economy's record jobs streak.

$15 an hour? Not enough for more job seekers

Last year, we saw workers across the country demand a higher minimum wage as part of the Fight for $15. Now it's a push for $20 an hour . A larger share of people have been searching for jobs paying at least $20 an hour, according to an Indeed Hiring Lab report. The report found the share of searches for a $20 hourly wage grew, while searches for $15 an hour wages dropped. 

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you.

Follow Brett Molina on Twitter: @brettmolina23.

The U.S. is currently grappling with a massive labor shortage. Due largely to the pandemic, millions of workers have decided to retire, over 1 million mothers of school-age children have left the workforce, and there are about 2 million fewer working-age immigrants in the country. Meanwhile, American workers - primarily in low-wage sectors - continue to quit their jobs in record numbers in search of better opportunities. Currently, the labor   force participation rate - the share of Americans 16 and older either working or looking for work - stands at 61.9%, a low not seen in the pre-pandemic United States since 1977.  The upshot? Employers nationwide are struggling to fill open positions. As of the end of November 2021, the most recent month of available data, there were 10.6 million open jobs in the United States, a 56% increase from one year ago. Of course, the labor market is not uniform nationwide and varies by region, and in some states, employers are filling positions faster than others.  Using data from the Bureau of Labor Statistics, 24/7 Wall St. identified the states where job openings are surging. States are ranked   by the change in the number of open jobs between October 2021 and November 2021.  Only a dozen states had fewer open positions at the end of November compared to the previous month, while in the vast majority of states, the number of open jobs has increased as the gap between jobs and workers to fill them is growing wider.  The national labor shortage is exacerbating supply chain issues and creating an existential challenge for many small businesses. Even major companies have been forced to reduce their hours of operation. Chain restaurants, including McDonald's, Starbucks, and Chipotle, as well as major retailers like Macy's, have cut hours of operations in some or all of their   locations.  Here is a look at the industry people are quitting the fastest .
A new minimum wage? Job seekers increasingly demand $20 per hour.
Job seekers increasingly are looking for $20, not $15, an hour work. This could keep inflation hot and make the Fed's inflation fight even tougher.
315,000 jobs added in August as economy slows, recession fears persist
Sign that reads now hiring all shifts.
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Shoppers enter and exit a Bed Bath & Beyond in Sch
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A fairly empty check-in area at Amsterdam Schiphol
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Check out what stores will be open this Labor Day,
Labor Day weekend gas prices: How much it costs to fill your tank
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A more luxurious option: KLM introduces Premium Comfort to New York
The new Premium Comfort cabin on KLM's Boeing 787-
Rare pink diamond could fetch more than $21 million at auction
The Williamson Pink Star
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Elon Musk and Twitter are bracing for a legal figh
Want your dog to look like Dolly Parton? There's a pet line for that
Dolly Parton with her dog, Billy The Kid
 

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