December’s Jobs Numbers Might Be an Early Christmas Present for the Economy
https://www.usnews.com/news/economy/articles/2021-12-02/decembers-jobs-numbers-might-be-an-early-christmas-present-for-the-economy
The Labor Department posted today the number of jobs created in November. It is predicted that it will be a high number to continue the job growth seen in October. Currently there is a tight market for labor, and many people are leaving their jobs because they are confident that they will find a new one. In the current market there are too many jobs and not enough workers to fill them. Since the economy and job market is growing, the employees have more control than they had in the past. Although the economy and job market is not yet back to where it was before the pandemic, the Fed is moving forward with plans to withdraw their economic support. The economy is strengthening and the GDP is expected to increase by 5%. The job market though is likely to remain tight throughout 2022.
4 comments:
It'll be interesting to see whether or not unemployment rates will decrease along with the number of jobs created in November. I know that when I have been going to stores, there have been a serious lack of supply of workers. For instance, just the other day I went to TJ Maxx and there were a total of 4 workers in the store. The line wrapped around the the store and there were two people at the registers and there were at least 5 or 6 empty registers. You mention how in the current market, there are too many jobs and not enough workers to fill them. I find it interesting that people are not encouraged by the benefits of signing up to work right now. Many jobs have sign on bonuses, but employers are still struggling to find employees.
This is a very good sign, as the more people who have jobs the more people will have money. The more money people have means they may have an expendable income and they can spend it, which would stimulate the economy. I also think the GDP increase is not that big of a deal but it is good to see things getting back to normal.
It is promising to see that our economy is continuing to grow, but it still feels like we are far from pre-pandemic levels. While driving around my city almost every single retail or grocery store had a help wanted sign in the front. Companies are getting desperate as you have seen big name brands like Walmart, Amazon, Cosco all have raised their minimum wage to attract new employees.
It is good to see that GDP is expected to rise within the coming year. The job market I believe will take care of itself once the pandemic is over and the economy is back to normality. I foresee a problem though as inflation will be looming due to the high wages that will be offered.
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