Labor Market Information
Yesterday, I ‘attended’ a Webinar on the Labor Market (and its Short Term Outlook). It was presented by The Conference Board (see https://conference-board.org/us/). While there were three presenters, the main information was provided by Gad Levanon (see https://www.linkedin.com/in/gad-levanon-3b9b933/). A few interesting pieces of information:
- The current (relatively) high unemployment rate: heavily driven by temporary layoffs.
- The ‘Goods’ economy is doing very well; the ‘Services’ economy is suffering.
- Why is it difficult to find good people right now?
- Many unemployed people believe that their old job is waiting for them (they are on a temporary layoff).
- People fear getting COVID at work - so they stay home/collect benefits.
- Previously working parents are finding they need to be at home being a teacher. These parents, if they are working, are considering leaving their jobs.
- Retirements are up (creating more demand) - COVID is the reason.
- AND - you are still seeing people proactively quit jobs because they believe they can quickly find another position. (This was previously considered a sign of a very strong job market . . . . . . it is still happening.)
Simply interesting information!