- All right.
- [Man In Background] All right.
- Alright, I've got a corner coast golden ale from No-Li
- From Spokane.
- I'm drinking a kombrewcha, hard kombucha, Berry Hibiscus.
- Yikes, uh oh! Mayday! Mayday!
- No! Oh! Oh! nailed it. Cheers. Just drink the beer?
A nice mid day beer.
- This just tastes like regular kombucha.
- We're, we're ready to start.
- Hello, I'm Mariah Brock.
- And I'm Sheridan Benard.
Yep. It's true.
We're both first timers on Beer with Emsi Burning Glass.
We've got this.
Let's talk about the two recent jobs reports.
Last week, the federal government reported that there were 235,000 new jobs created in
That's a huge miss from what the economists expected, which was about 720,000.
- But, these numbers aren't quite as bad as they seem.
If you take them together with June and July, remarkable gains.
We added five times more jobs this June and July than we normally do in these months.
And August itself, This is 30% higher than our normal August gains, before 2020.
Combined, We averaged 750,000 a month, even with a significant labor shortage.
- I know what you're thinking.
Did you say labor shortage?
For that, let's look at the Bureau of Labor statistics, job openings and labor turnover
J.O.L.T.S for July.
This report released this week.
Showed a new record high of 10.9 million unfilled jobs.
- Openings are now 55% higherthan they were pre-COVID.
And back then they were already at record numbers.
Employers were already struggling to find workers pre-pandemic.
And now they're basically in a crisis.
- Note, that we're redoing all mine, just saying.
Just killing it!
Remember, J.O.L.T.S is always a month behind.
And when considering when this data was collected, this record increase in openings
occurred roughly when July payrolls were also jumping by 1.1 million.
That means that we are creating jobs faster than we were filling them.
A few industry highlights manufacturing job openings.
Hit another new record high.
As new orders continue to reach record levels.
- There was a massive and unexpected increase in finance and insurance openings.
As many of those companies are starting their full return to the office.
Healthcare had the largest increase of nearly 300,000 openings.
- Leisure and Hospitality, led by lar- largely restaurants and hotels.
I was like, "Less lei- less leis-."
Leisure and Hospitality led largely by restaurants and hotels built on their
already high numbers.
With another 134,000 openings.
- Finally, resignations in retail trade are skyrocketing as pay rates in other
industries continue to shoot up and attract these employees.
Same with healthcare.
Although these resignations are likely being driven more by burnout.
What's all this mean?
- As we've reported over the last few months, we're in the beginnings of the great
Our labor economists expect this contrast between job openings and jobs filled to only
There just aren't enough people to go around.
- Good bevs.
- Good buch.
- Also the skills in these jobs are changing at an incredible pace.
The skills behind the average job are 30% different than they were even 10 years ago.
That means that employers must have a people strategy.
This week, We released our Disruptive Skills report.
And we'll talk more about this in future episodes of beer with Emsi.
But a sneak peek says that employers already have many of the skills they need
from their current workforce.
They just don't look close enough to find them.
So looking inward to identify, train, and promote from within is one tactic of a good
- And that's it from us!
To learn more about these numbers and how to build a good people strategy.
Visit us at this link.
- And I'm Sheridan
- Best one yet.