Layoffs fall to lowest levels in more than a year

A number of big companies hope to entice workers back to its industries by hiking wages and introducing other incentives, including signing bonuses and paid family leave.
2:23 | 06/04/21

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Transcript for Layoffs fall to lowest levels in more than a year
As more adults get vaccinated and look to get back to work, well, there are help wanted signs nearly everywhere and some businesses are still struggling to fill open positions and Rebecca Jarvis has the latest. Reporter: Good morning, to you, Michael. This is one of the biggest challenges facing our full economic recovery from the pandemic. The we're hiring signs went up everywhere simultaneously and now the question is how quickly can employers fill those roles? This morning, a reality check for the post-pandemic economy. Help wanted virtually everywhere you look and layoffs just last week falling to their lowest level in more than a year. But will the official may jobs report from the bureau of labor show signs of significant hiring? We think you're going to see another maybe odd or unusual report. We know businesses are telling us they got plenty of demand. But they can't find workers. Reporter: Analysts averaging 671,000 jobs added, more than April's surprisingly weak 366,000. With 8 million job openings across the country, some businesses say they can't find people to fill the roles. We are going to be short of workers for awhile and people are doing every creative thing they can to get people back. We need to crank up with Reporter: A number of big companies hoping to entice workers hiking wage, Costco raising pay to $16 an hour, Walmart, upping its pay to $15. Many also introducing other new incentives from free college for working 15 hours a week to paid family leave to store managers, sandwich chain Jimmy Johns offering signing bonuses for new recruits. Now, it's a lot harder for some of the smaller businesses to offer incentives like these and the trouble with all this, it creates a problem. Businesses can't reach they can't meet that rising demand and they can burn out the workers they do have if they don't have enough people to fill the roles. Cecilia. So true. Rebecca, thanks so much.

This transcript has been automatically generated and may not be 100% accurate.

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