Quote:
Originally Posted by Drewski Canuck
Was in Florida in January for holidays. On the news was how tight the job market was.
In Brevard County UNemployment is 2 %. Hiring signs everywhere and for alot of good paying jobs.
Brevard County alone had 68 openings unfilled. Can't even attract applications.
WHY IS INTEREST RATES GOING UP AND JOBS GROWTH STAYING STRONG said the Economist??
Well Children, it seems that alot of the Job Market was old people who are now retiring, and taking their pension, and the new positions are left vacant as no one wants to do the work.
As long as you have a shrinking labour pool with retirees STILL SPENDING THEIR PENSION MONEY, you are not curbing consumer demand by taking away the Income from jobs.
We are now seeing the consequences of a falling birth rate as the young workers are fewer than the old workers that are retiring.
All the Rate increases in the world is not going to fix the "employment problem". This knee jerk reaction fails to consider the reality of population age demographics.
Drewski
Drewski
|
Have you heard of ChatGPT? AI software that can quickly spit out a quality essay, memo, speech, etc. I think it is inevitable that many jobs that exist today will be wiped out by artificial intelligence in the next few years. At these interest rates, companies that don’t embrace the tech will simply be inefficient and lose out to a much leaner and more effective competition.
You’re right that the demographics are wonky, and that the job market is crazy. The demographics are what they are. But I think that the job market will sort itself out in a bit of time.