The LaborIQ report has revealed concerning trends in the March jobs report. Despite widespread vaccination across the US and businesses reopening, the employment figures from last month were disappointing. Around 916,000 new jobs were created, versions 7.4 million job openings, hinting at the widening of the skills gap. There were significant job gains in industries like leisure and hospitality but workforce numbers are still down by 3.1 million jobs in comparison to pre-pandemic levels. From a geographical perspective, South and West metro areas are recovering faster. Meanwhile, office-using, higher-wage jobs are still in setback due to remote work and business travel restrictions. Pay rates have increased but there is limited labor supply in industries like leisure, hospitality, and retail. Overall, the report shows that the labor market's recovery is slower than expected.
