Sarah Chaney Cambon

speaker

542 appearances 17 recordings 1 series first heard Sep 2017 last heard Feb 2023

Sarah Chaney Cambon’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Are Companies Still Hiring in an Unsettled Economy? · 5 Aug 2022 podcast

And some employers are almost scarred by the labor shortages of the past year or so.

And by that, I mean it's been really hard for them to find workers.

And so now if they're at a place where demand is slowing some, they're way more hesitant to lay off workers and might still even be looking to add a couple of people.

Also, it's been really expensive for employers to hire over the past year.

They've had to raise wages to find workers, and they're scared of losing them.

Companies in a lot of industries are back to their pre-pandemic employment levels.

We've seen that kind of white collar jobs in professional and business services, retailers, manufacturers even have surpassed their pre-pandemic staffing levels.

But what we've seen is that job openings in those industries still exceed the number of people who are looking for work.

And in other words, companies still need a lot of workers, even though they're back to their 2020 staffing levels, but they just can't find them.

There was one general manager of an inn in Pennsylvania that I spoke to who really illustrated the dynamics of today's economy really well.

So she was saying that room bookings for the inn are down from a year earlier.

She's concerned about the economic outlook and they're kind of delaying some expansion plans, including converting some smaller rooms into larger suites.

But she said that there was one cost-cutting measure that they were nowhere near considering, and that's layoffs.

And this inn was actually still trying to hire about a dozen workers because it's just been that hard to find people, even though demand is slowing some.

A lot of economists pointed out that layoffs are not inevitable.

We might see, and we already are seeing, a slight uptick in

in layoffs, but nothing near what we've seen in previous recessions.

And a lot of that has to do with the fact that employers are still looking to hire workers.

There's this mismatch between their needs for workers and the number of unemployed people looking for jobs.

And so we might be able to

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