Last time I checked, there were fewer workers than jobs. If that's still the case, all of those workers let go by one company will be absorbed by other companies who will finally be able to launch their dreams. So, what does this mean? There isn't going to be a recession with high unemployment. This market cycle isn't going to reset the economy. That will lead to further inflation, which will not make the Fed, the central bank, happy. That means they will raise interest rates again. That will further inhibit the taking out of loans for stuff, but that won't take effect either because everyone has a new job with income to spend. It's a feedback loop that builds up pressure, which means that the economy will likely explode! What form that will take, I don't know.
Our economy taking a dive is the result of Covid shutdowns. Workers were paid more to stay home than actual compensation for hours worked thru unemployment insurance and govt stimulus programs. That resulted in supply chain shortages, and because of the good rule about how supply and demand determine prices…. we have inflation. Just a rant about it. Anyway now it seems there is still somewhat of a worker shortage as employers struggle to acquire the workforce they need.
Unemployment went up last month in fact the unemployment has ticked up that fast in one month since a month 2011 if I remember right. So I wouldn’t get overly convinced we won’t see higher unemployment
Well, maybe. There's been fewer workers than jobs for a long time. Through most of Trump's term and all of Biden's. Possibly. Hold on, it could get interesting.
Or it means that a lot of companies are not happy with the employees they have and are always on the hunt for better ones. Who knows. I know one company that pretty much offers the job to all applicants because half won't show up to work on day 1 and the vast majority of the remainder won't last a month. It is a restaurant though which is not exactly a career path job. There are a lot of goofy things going on in businesses that are not accounted for in the employment reports. I am not really sure how it will all play out. I have heard a local food processor may be in trouble and the owners are looking for someone to pawn their problems off on. During the post-COVID shortages they hired a lot of people with a pulse whom they otherwise wouldn't have touched and that has set off a chain reaction that has them bleeding out experienced and productive workers whom they have no choice but to replace with even more undesirable workers who are causing even more problems. I have heard from a couple different people who used to work there that someone was just taking a dump on the floor in random places and that was when they said to heck with that job.
Out of over 20 employees here I am one of the few that shows up on time. Many are simply late every single day.... But of course it's tolerated which is why it happens. Also about half of them half-assed their jobs anytime they can get away with it. Only two things someone needs to do to keep a job today.... Show up on time consistently and actually do the work. That gives you a big leg up over a lot of the rest of them
Higher unemployment numbers may reflect that a number of businesses have failed recently. Maybe ‘cause they couldn’t get workers? This is truly a catch22 and few of us saw it coming three years ago.
My employer will rarely fire anyone. He needs workers that bad. When it does happen it’s because of their attitude. The amazing thing is he knows very well that I cop an attitude sometimes. Small miracle I’m still there?
You have to try pretty damn hard to get fired around here. And I think the reason for that is it simply hard to find any decent help to replace anyone with.
The topic came up because they know I’m not staying… there are better opportunities for me. Anyway, with my smartass nature… I essentially asked him if he’d volunteer to take the hit. Lol. The manager didn’t find it funny, but he and I are on the same page
What percent of these jobs pay enough to afford mortgage payments on a home? Or what percent of these jobs require extensive education and training but do not have the highest pay? The claim that there are "fewer workers than jobs" can be misleading. As we've seen from past recessions, unemployment can go up even when there are supposedly lots of jobs that go unfilled. Apparently those jobs are not a good "match" for this those workers, or vice versa.
Let's face the obvious: Not all jobs allow workers to "launch their dreams". There are a lot of former professional middle aged men who would simply go without working before they took a job in fast food.
Recessions can still happen. If you turned every good and decent job into a low paying job, there would be a recession. Many workers already are not earning enough to afford housing.
In an ideal world one's rent should not be more than 30% of their monthly income but the reality is a lot of people are paying far more than that. Especially now when people want 1400 plus a month to rent a dump. Then some people want about five grand to move into some dump
Where I live, 1400 a month was like 10 years ago. Would be a bargain compared with what the prices are today.
Wow!!!! The fact that you wrote this on September 6, 2023 means that this writing could actually fit in with my possible campaign for here in Mississauaga to become Mayor?! I would so love to be incorrect but..... it seems to me as if the people who are passing a script to Biden and Trudeau to read for them...... ... want a Bear Market, in order to make Americans and Canadians sufficiently pessimistic and desperate so that they will be willing to accept The Biden Digital Currency and the version of essentially the same thing that Trudeau has planned for here in Canada?! Do Biden's advisors and Trudeau's advisors seem to want to crash the markets?
