TechFlow news, according to Sina Finance, the U.S. added 559,000 non-farm jobs in May, leaving economists puzzled. They had expected job gains of 675,000 last month, citing factors ranging from lack of childcare to ongoing concerns about COVID-19 safety. Now, the CEO of America's largest job site CareerBuilder has offered another explanation: some potential workers are staying home trading Bitcoin and other cryptocurrencies.
CareerBuilder CEO Irina Novoselsky said in an interview Tuesday: "Based on what’s happening in the cryptocurrency markets, they’re cutting down work hours. They’re making side income and no longer want full-time jobs." A recent report found that participation in this asset class is growing, with approximately 21.2 million Americans—14% of the adult population—owning cryptocurrency. Of course, crypto trading—or stock trading—isn’t the only reason keeping employees at home. Novoselsky also pointed to the fact that many schools still haven’t resumed full-day, in-person instruction, and some people are holding onto their current jobs while planning to relocate cities.
Finally, there are Americans who have decided never to return to work at all. "An entire generation is exiting the workforce early," Novoselsky said. "Before the pandemic, we had five generations in the workforce, and now we’re seeing those nearing retirement say, 'I’m out.'"
