Jeanne Whalen
speaker
58 appearances
1 recordings
1 series
first heard Jul 2024
last heard Jul 2024
Jeanne Whalen’s voice in public audio — every appearance, attributed to the second.
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try to hire as many workers as they could because a lot of companies were just desperately scrambling for workers during the big labor shortage.
And when things started to slow down, a lot of companies jettisoned their HR people first and stopped hiring HR people.
So those folks are having a hard time.
Other white collar workers also are having kind of a hard time finding work at the moment.
And their prospects are generally across the board about what they were before the pandemic started.
And that was a very strong job market by historical terms.
And so the market that we're in now is also very strong by historical terms, but it just isn't as crazy nuts as it was a few years ago.
They have weakened to a strong place, is how one economist described it to me.
But she said it's not clear whether the cooling has stopped.
And she and others are concerned that the cooling could continue.
The unemployment rate could continue ticking upwards.
Generally, when unemployment rates start rising, they tend to do so quickly and sharply and
as opposed to when they fall, the fall tends to be more gradual.
So some are concerned that the unemployment rate has not stopped rising and could continue upwards toward the 5% range, which again is not horrible by historical standards at all, but it would mean a big difference from a few years ago.
That is a very good sign for the economy that it is still adding jobs every month, that it isn't seeing jobs decline month to month.
But at the same time, the unemployment rate has ticked up a bit.
More people are unemployed despite that job growth than before.
There's some thinking that that might be perhaps down to more immigration in recent years.
That spurt of immigration means there are now more job seekers in the market.
That's one explanation for it.
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