What happens in most recoveries and is happening in this one is that the more highly educated people come back faster and first. Might be a little bit of that.īut what we have seen is steadily, over the last few months, these women are coming back. Some of that may be due to the fact that schools are finally starting to settle down, not sending kids home for as many you have got to do a two-week remote school because of this COVID outbreak. We have seen, in particular, labor force participation among women start to increase over the last sort of four to six months.
We have got unemployment that is stable at 3.6 percent, which is just great. If you go back to the 2008 recession, it took over eight years for us to get unemployment below 4 percent. What the May jobs report says about the nation’s economic outlook, PBS NewsHour, June 3, 2022 And it is actually more of a disproportionate knock on those who are the ones who lose their jobs, who get laid off, who get pushed out of the labor market. Unemployment really hurts the people who lose their jobs. One thing I just want to be clear about is that inflation hurts a lot of people. And that could be a tough place for them to land. We want to see them bring demand down enough that we get rid of some of that pressure on prices, but not so much that people start losing their jobs. That's why you hear a lot of people talking about the Goldilocks economy. So they want to bring it down just enough, the right amount.
That is just a pain we are all going to share. And so that is good for a lot of people.Īnd so there is not much the administration or the Fed can do about rising gas prices. It's really - it's a great time out there to get the job that you want. Maybe live near family or friends where people can provide childcare or relatives you need to give elder care to. What that means is that you really have a chance to look around and find the right job for you, one that's going to be a great match for your skills, that's going to provide you the wages that you want. It's a good thing for people to see the enormous number of opportunities that are out there with employers having just record numbers of job openings. What we need to do is get demand down a little bit while supply can continue to grow.įed looks for Goldilocks: Taming inflation without tanking economy, MSNBC, June 3, 2022 We might end up accidentally stopping job growth, pushing ourselves into a recession, but we do not have to do that. And the result is that demand is outstripping supply a little bit.īut the reality is that we don't have to stop job growth in order to stop inflation. All of the accusations around how much did the stimulus spending contribute, it's really about, “Did we give people too much money in their pockets?” They're in some of the best financial shape they've ever been. So the Fed is raising rates, hoping that consumers will spend a little bit less. And that would actually bring some of the pressure on prices down. What everybody wants consumers to do is slow their role a little bit on spending. And it may be that it's just hard to find people to take those jobs right now. Maybe because people are slow to go back to wanting to consume those services. In the service sector, in health care and education and particularly caregiving, we haven't seen everyone get hired back. We've definitely seen the jobs come back in the goods- producing sector. It's important to realize when we take a look at the labor market, that we haven't seen all the jobs come back in services. Taming Inflation, CBS Face the Nation, June 5, 2022 Here are some excerpts of her appearances:
Ford School economics professor Betsey Stevenson was widely sought after for analysis after a strong monthly jobs report.
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