Although hiring fell in July, job openings surged to a record high in July, signaling a tighter labor market that’s expected to soon push up wage growth up. In turn, that should afford more American’s and opportunity to avoid paying high rents and build equity through home ownership. Under current conditions,affordable housing has become an even distant vision as many would-be home buyers were priced out of the housing market. Home prices year over year have been increasing on average by 5.6 percent and wages have only increased at about 2.0 percent
Employers advertised 5.8 million jobs, up from 5.3 million in June and the highest on records dating to 2000, the Labor Department said Wednesday. The previous high was 5.4 million in May.
Real estate analyst’ took it as a sign the Federal Reserve could raise interest rates as soon as next week to prepare for an eventual pickup on inflation. The Fed had been looking for inflation to sustain itself at 2.0 percent before raising rates, but has been stubbornly low, due largely to low fuel cost and keeping the rate at about 1.3 percent. However, most economists are looking for the Fed to raise rates at its up coming September meeting.
The number of hires slipped to 5 million from 5.2 million, according to the Job Openings and Labor Turnover Survey. As the unemployment rate falls to near-normal levels, many employers are struggling to find workers. However, American workers and employers are in a dilemma, and many economists attribute it to mismatches between the skills of unemployed workers and employers’ needs. Many laid off mid-level managers, marketing and accounting professionals lack the skills in big data analysis and digital marketing, for example, that are required in the modern workplace, that’s creating the gap.
Hollywood East needs to focus on an affordable higher education system than the easy road of just playing partisan politics and keeping American divided, so they can keep their $174,000 a year jobs. Job candidates who have the necessary skills are being snapped up more quickly, reducing the average duration of job openings over the past year to about five weeks from two months. More than even, we need to give a hand up and not look at re-education as a handout.
The jobless rate was 5.3 percent in July and dropped to 5.1 percent last month, but the participation rate is at a record low coming in at 62.6 percent. To many Americans simply aren’t being counted, so the low rate simply doesn’t mean what it should.
Chicago-based StratEx, which makes human resources software, has struggled since early June to hire 10 project managers, software developers and customer service representatives. The company, which typically requires job candidates to undergo five interviews, has lost many to other employers that are pouncing more quickly in the more competitive market.
Many HR executives are saying, it’s biting them in the butt as they go through their due diligence and many more believe they could have increased revenue by an additional 15 to 20 percent employees if they could fill positions. What more does Hollywood East need to understand that to get the economy rolling again, all we need to do is to create affordable retraining programs and fix our crumbling roads and bridges? One of the smartest things Congress could do would be to borrow at these historically low rates and invest in America, but don’t hold your breath! Regardless of what you think about “The Donald” he does speak at least one truth, America is run by idiots.
Guidant Financial of Bellevue, Wash., which helps small businesses obtain loans, similarly has struggled as long as six months to fill 10 to 15 openings for account executives, technology support representatives and Web designers. In response, the company has raised wages by 5 percent in the past 12 months, up from 3.5 percent the previous year. The company is now willing to train job candidates who don’t have all the skills, it’s seeking, and more of corporate America needs to get on board by offering training to its current and would-be employees, rather than waiting for the problem to solve itself or simply outsource more jobs to other countries as a corporate solution.
A big reason hiring has lagged openings is that many employers just recently began ramping up staffing as the economy has picked up, but has been unwilling to raise salaries. That’s starting to change and consequently will have a real trickle down effect rather than the failed trickle down economics Hollywood East has been feeding us for 30 years now.
Some jobs analyst predicts overall starting salaries for professionals will rise 4.1 percent next year, compared to 3.8 percent in 2015. Growth in average hourly earnings across the economy has remained modest, though it ticked up to 2.2 percent annually in August from 2 percent in June; perhaps it’s a signal of an upcoming acceleration.
Labor reported last Friday that employers added a solid 245,000 jobs in July, revising up its previous estimate by 30,000.
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