Cryptocurrency Trading Keeps People From Looking For Full-Time Jobs: CareerBuilder CEO
The 559,000 jobs created by the United States in May continue to puzzle economists, who predicted 675,000 additions for the month and 1 million additions a month earlier as the economy recovers. They have put forward explanations ranging from a lack of child care to lingering security concerns related to COVID. Now another culprit can be added to the list: Some potential workers instead stay at home to trade Bitcoin and other cryptocurrencies.
“They’re cutting back the hours they’re looking to work based on what’s going on in the crypto market,” Irina Novoselsky, CEO of CareerBuilder job site, told Yahoo Finance Live. “They are making money and no longer looking to fill full-time hours.”
Most cryptocurrencies are a long way from their peaks this year. The best-known Bitcoin (BTC-USD) hit a record high of nearly $ 64,000 in mid-April before trading in recent days at nearly $ 35,000. That said, it is still up over 20% this year. And participation in the asset class is increasing, with a recent report revealing 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 also cited the fact that many schools still haven’t returned to full-time, in-person status, as well as the idea that some people are hanging on to their current jobs while they consider moving, for example.
Then there are the Americans who decided they would never go back to work.
“There was a whole generation that left the workforce prematurely. Before COVID, we had a workforce of five generations, and we see one of the generations approaching retirement say, ‘I’m just not going to participate’ , “says Novoselski.
Demand for employees has driven up job postings on CareerBuilder, she said. Employers don’t just use higher wages to attract workers. They are more than ever willing to retrain people who want to change careers.
Eighty-eight percent of hiring managers surveyed by CareerBuilder said they hire candidates with strong soft skills and give them job-specific training. This compares to 62% just two years ago who had never hired a candidate who did not already have the required skills.
This is motivated by necessity: “The largest population of candidates who hold positions are actually money changers, people who have jobs today and are looking for a different kind of opportunity,” Novoselsky said.
June employment data is expected to be released on July 2.
Julie Hyman is the co-host of Yahoo Finance Live, weekdays 9 a.m. to 11 a.m. ET.
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