by Jessica Mulholland, Managing Editor, CalChamber
Currently, there are 9.5 million job openings in the United States but only 6.5 million unemployed workers, according to the U.S. Chamber of Commerce, which also reports that in California, there are 975,000 job openings and 895,044 unemployed workers. Stated simply, even if all of those unemployed workers ran out and gained employment tomorrow, more jobs exist than there are candidates to fill them.
And it's only going to get worse: The U.S. economy is projected to add almost 4.7 million jobs from 2022 to 2032, according to the U.S. Bureau of Labor Statistics, while the labor force participation rate — the percentage of the population that’s working or actively looking for work — is projected to fall from 62.2 percent in 2022 to 60.4 percent in 2032 (California’s labor force participation rate is currently 62.4).
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