November job report is out. More opportunities than workers. The US economy is undergoing a fundamental shift. More manufacturing, more energy. In the next decade the free world will look to the USA as the leader in these segments. Less energy from the Middle East, less manufacturing from China. Labor shortage problem is the issue. We need to redevelop our workforce. Fed rate increases can't control that. The Federal Reserve can't solve a new problem with an antiquated solution.
Perhaps a percentage of early retirees could be drawn back in with an incentive that a portion of their earnings go to World Central Kitchen or other worthy charities.
The data doesn't include the latest tech layoffs: DoorDash layoffs: 6% of workforce laid off (November, 2022) Candy Digital layoffs: 33% of workforce laid off (November, 2022) Amazon layoffs: 1% of workforce laid off beginning (November, 2022) Meta layoffs: 13% of workforce laid off (November, 2022) Twitter is not in these numbers. The above is a small sample in November. https://www.wsj.com/story/from-twitter-to-meta-tech-layoffs-by-the-numbers-0afd8714
Get the clown out of office first or this won't happen.
Shared. We have clients opening more positions daily.
More work for John Evans to find great people great jobs :)
Hello Brian. I strongly agree with your point about the need to redevelop the workforce. Except for the impact of Covid, US GDP has been between 2.0-2.9% since 2010, irrespective of who is President. (see https://www.macrotrends.net/countries/USA/united-states/gdp-gross-domestic-product). The retirement of the baby boom generation represents a significant demographic shift. This is why their needs to be a redevelopment of the workforce to continue to supply skilled labor which is still in short supply. I believe that even if unemployment increases to 4.5-5%, this labor shortage will still persist.