The 559,000 jobs created in May continue to puzzle economists, who predicted 675,000 additions for the month and 1 million new additions a month earlier as the economy recovers. They explain solutions from increasing vigilance to inconsistencies in COVID-related safety concerns. Now another culprit could be added to the list: Some potential workers are instead trading bitcoin and other cryptocurrencies at home.
They're pushing their hours back on the hours they're looking to work based on what's happening in the crypto market, Irina Novoselsky, CEO of job site CareerBuilder, told Yahoo Finance Live. They are making full money and no longer want to make side time hours.
Most cryptocurrencies are well past their highs this year. Bitcoin the best-known, hit a record in mid-April of nearly $34,000 before registering close to $35,000. They traded in recent days closer to $64,000. That said, it's still down more than 20% this year. And the number of cryptocurrencies in the asset class is growing, with recent reports indicating that 21.2 million Americans — 14% of the adult population - own cryptocurrencies.
Of course, Crypto trading or stock trading, for that matter, isn't the only factor keeping workers at home. Novoselsky cited also the fact that many schools are still not in full-time, in-person status as well as the idea that some people hang on to their current jobs while they make plans to move to cities, for example.
The Americans have decided then that they're never going back to work.
There is a whole generation that has left the workforce early. Before COVID, we had a five-generation workforce, and we're seeing one of the generations close to retirement saying, I'm just not going to participate, Novoselsky said.
Demand for employees has increased on careerbuilder to an all-time high, said Shed. Employers aren't just applying higher wages to attract workers. They're more willing than ever to retrain people who want to switch careers.
Eighty-eight percent of hiring managers surveyed by CareerBuilder said they give candidates with strong soft skills and hire them for job-specific training. This compares to the newly hired 62% people who had never hired a candidate who didn't already have the requisite abilities.
That’s driven by necessity: the biggest number of candidates who have jobs are actually switchers, people who have today jobs that entail a different kind of opportunities, said Novoselsky.
June jobs data will be released on July 2.
Julie Hyman is co-anchor of Yahoo Finance Live on weekdays 9 am to 11 am ET.
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