Long-suffer NYC restauranteurs may have been tempted to celebrate when Mayor Bill de Blasio announced yesterday that the Big Apple would "fully reopen" on July 1. But just as the problem of COVID-19 restrictions fades away, restaurant owners are facing the same problem that has prompted Royal Farms to offer $500 signing bonuses while some McDonald's franchisees offer prospective workers $50 just to come to an interview: that is, President Biden's massive $1.9 trillion stimulus is paying too many American workers to stay home.
Because of this, small businesses are reporting record levels of unfilled positions.
Job openings soared to a 2-year high last month, typically a sign that the labor market is "overheating". However, the latest jobs data for March showed the unemployment rate in the US remains at 6%. Even though the restaurant industry showed some of the biggest employment gains of any industry last month, too many servers are apparently still being paid to stay home