Well, we've heard about the
great resignation for months now.
People leaving their jobs and record numbers.
It's creating an interesting
dynamic in the labor market.
You see on one end of the economy you
have more than 10 million job openings.
Millions quit their job each month.
On the other you have
record low unemployment.
Economists say full unemployment
exists at 5% right now it's about 3.5.
So we took a closer look at the
economy to try and help make
sense of just what is going on.
Our economy has gone from being
on the mend to being on the move.
Americans are also back on the move.
Some of the strongest job gains
are in leisure and hospitality.
At the same time,
employers can't fill jobs fast enough.
There are nearly two job openings
for every unemployed worker,
and people are still quitting
jobs at near record rates.
Roughly 47 million last year.
Most quitters are job switchers.
Nick Bunker is an economist at
Job search website. Indeed.com
new projects means new project managers.
It's still very much a workers.
Whether you're unemployed or
you're currently have a job,
there's lots of options out there right now.
Sounds like you're saying
quitters do win in this case.
Sometimes quitters prosper.
I told her I wasn't doing this anymore.
I said it wasn't for me.
You quit. Yeah, I quit.
Ethan Rose used to work at
a hotel for $15.00 an hour.
They were disrespectful.
All the employees were stressed out so
nobody really got along with each other.
When he logged on to job
placement app install work,
there are places you can go where
the managers will treat you.
Great so you can get paid what you deserve.
That's a pretty heavy competition.
His new job pays $25.00
an hour. Overall average
wages are up 5.6% over last year.
Having a big increase sounds
great until you realize that
inflation is running at about 8%.
Any increase in wages has to
be taken in context here.
Absolutely I mean look,
it hurts people who make less
money cause a bigger portion of
their total income is going to.
Energy and is going to
food and is going to rent.
Right now,
inflation is the number one
concern across the country and
a new Gallup poll reveals that
Americans are more concerned about
inflation now than at any time since 1985.
Carter Evans, CBS News, Los Angeles.
Well, President Joe Biden says the
new job report really excited him.
He said it sends a clear message
about the direction of the economy.
America is our back to work and that's
good news for millions of families
who have little more breathing room.
And the and the dignity that
comes from earning a paycheck,
just the dignity of having a job and more
and more Americans get jobs as they do.
It's going to help ease the
supply pressures we've seen.
And that's good news for fighting.
Inflation is good news for our economy,
and it means that our economy has gone from
being on the mend to being on the move.
OK, on the other side of that,
the president did not answer
questions about rising inflation,
sanma conists worry inflation
outpaces the wage growth.
The job market shows a real
mismatch in the economy.
A North Carolina A&T professor
says part of it comes from
the economy overheating from
growth and inflation pressures.
He says another part stems from a shift
in where the jobs are coming from.
Part of those jobs might
actually be new jobs,
because if there were previous jobs,
people may have already been recalled and
they were ready taking their job back.
But this might be new jobs that
require different kind of skills
that people had before the pandemic,
or people have maybe moved on to
different jobs and when they were
called back they actually had
took a position somewhere else.
He says right now is a great time for
workers. Businesses have to adjust
wages and benefits to accommodate
evolving needs in the labor market.
He says the economic fallout remains unclear
in the long run.
We don't know whether this is going to
be good news for the economy or not.
It depends on whether employers
trying to attract talent and
trying to pay more to do so are
going to transfer some of those
increased costs to consumers or not.
Economists say people have good
reason to worry about inflation.
It is at the highest level
we've seen it in 40 years.
People are paying more across the board,
the latest report and
food costs up nearly 8%.
Consumers saw the highest
jump in the energy sector.
25% and economist worries that
inflation can wipe away the
progress made in the labor market.
And it really could choke
off some of their margins,
meaning they could make less money.
And that might mean they slow
down their hiring.
The Federal Reserve raised interest
rates midway through last month,
and that could also slow economic growth.
Now, if you see a bunch of
businesses with these kinds of signs,
well, they need employees.
Many businesses have struggled finding
workers and employment agents say they
should try expanding their reach.
You gotta have a strong Internet
presence on the job boards.
They're large.
I would talk to NC works.
They are one of the best in the
business in this area of doing that,
I'd reach out to staffing firms.
If you just have one method of doing it,
you're going to fall extremely short.
You've got to have dozens of ways of hiring.
He also recommends setting up
employee referral programs.
Current employees recommend
candidates to boost their bosses,
and they can get hired.
The person who referred them
gets some money as a thanks.
Well, Gifford County Guilford works,
excuse me wanted answers on the great
resignation and why the job market
looks kind of the way that it does.
They sent out a survey months
ago to collect that data.
We got an early look at the numbers.
About 61% of people are working.
Nearly 70% of respondents say
they want a job or a new career,
and more than 1/4 say they
don't like their current jobs.
A Guilford works representative says
it came down to two main factors.
Individuals feel that they're
overqualified or the type of
work that's available right now.
It's just not appealing,
but more importantly,
there are insufficient compensation
benefits or incentives that are being
offered currently and or positions
that they're seeing out there.
But you know,
in a very close second place there
you know people who are actively
looking for work or transitioning
careers are really looking for
high levels of flexibility.
That's Chris Rivera,
the director for Guilford works.
Remote work started as a necessary way,
of course, keep the economy
moving when the pandemic hit.
Now, though, it is a reality that
companies all across the country
are having to adjust to the Vice
President of a company says it's
helped him fill openings. Not
only is this allowed us to tap
into a lot more geographically
distributed talent pools,
but it's also really been able
to see a huge uptick in just
the overall interest in Dropbox.
So our applicant volume nearly doubled.
Year of year.
Almost 10% of job listings on
indeed are for remote workers.
That's more than triple than
when the pandemic started.
Well, the economy has looked kind of
weird since the pandemic began, right?
We're facing a whole lot of
different things all the same time.
The good news,
one of the experts says he expects a
more normal job market later this year.
The rest of it,
though, may
take some more time to sort out.