Latest Covid Surge Is Slowing Job Applications, Fed Survey Shows
The recent spike in Covid-19 cases may be deterring U.S. job-seekers, according to a new study by the Federal Reserve Bank of Kansas City.
In its August Manufacturing Survey, published today, the Kansas City Fed asked firms how the latest resurgence of the virus is affecting employment. Almost 60% of respondents said there’s been a drop in the number of applicants per job since May, while only 14% reported an increase.
More than one-third of manufacturers said the rate of workers quitting has increased in the past few months. More than a quarter of employees who left their jobs did so because they were retiring, the survey said -- echoing other studies that have found a jump in early retirements due to the pandemic.
The Kansas City Fed’s district covers the states of Colorado, Kansas, Nebraska, Oklahoma and Wyoming, as well as western Missouri and northern New Mexico.
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