Read video transcript
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(playful piano music)
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(Ben talks indistinctly)
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- Guard it.
- Let's do this.
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- [Ben] Grip it!
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- Today, we're drinking Fruit Smash,
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which obviously I selected
because of the T-rex on the can.
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It is a hard seltzer
with real fruit juice.
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Okay.
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(jazzy music)
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Let's get started.
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Do you feel like we've been
on an economic rollercoaster?
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We're doing loops, turns, highs, and lows.
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That's what a lot of 2021 felt like,
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and with the latest job
reports, the story continues.
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Welcome to the 2022 Job
Market Rollercoaster.
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(camera shutter clicks)
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The Bureau of Labor Statistics'
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monthly employment report
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shows that 678,000 jobs
were created in February,
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far above what was expected.
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The BLS also took time to revise upwards
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its January job numbers,
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which, like February, was
already higher than expected.
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In fact, the BLS has revised
the past six jobs reports
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to even higher total jobs gained.
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Hiring momentum remains
stronger than previously thought
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and sideline workers
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may actually be turning to the job market.
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The clear story in this employment report
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is that as COVID was leaving,
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jobs and employees were entering.
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Consider that 1.8 million fewer workers
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said that they were impacted
by pandemic closures
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and leisure and hospitality
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had the largest gains
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with 179,000 new jobs.
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People are ready to get out
and enjoy themselves again.
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Hot dog!
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- [Ben] Hot diggity!
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- 112,000 jobs were also created
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in education and health services
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and 95,000 in professional
and business services.
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Another big story is
that wages leveled off,
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increasing only
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$0.01 per hour on average.
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That, too, is a big change
from the past few reports
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where the tight labor market
had driven wages higher.
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(jazzy music)
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The BLS also released this week
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the job openings report for
January, known as JOLTS,
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which showed that while hiring is strong,
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job openings still remain
near all-time highs
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of 11.3 million.
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That's a huge number that the economy
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hasn't been able to shake
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and it tells you
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just how tight the labor market is.
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We're hiring at a fast rate,
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but new job openings
are still keeping pace
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and there's still only 58 workers
for every 100 job openings
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and employers are really
feeling the squeeze
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of the lack of talent.
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- [Ben] Ooh, fancy.
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(Bre laughs)
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- The JOLTS report also showed
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that the Great Resignation continued
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with 4.3 million people
quitting their jobs
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in January.
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That means that there's a game
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of musical chairs taking place
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with lots of people leaving their current,
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less desirable jobs,
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for more attractive positions elsewhere.
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If you're an employer,
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you should definitely
consider how this impacts you
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and what you can do to mitigate this.
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In fact, to survive,
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employers, colleges and governments
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have to rethink their people strategies.
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That starts by understanding
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what works in this current labor market
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and rethinking those aspects
of your current company
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that work against you.
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Clearly, I'm sorry (laughs).
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Clearly, as the pandemic fades,
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this tight labor market is not showing
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any signs of easing up.
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If you would like to learn
more about this shortage
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and what strategies you can pursue,
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download our report on
the Demographic Drought,
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and be sure to let us
know how we can help.
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I'm Bre House,
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and thank you for joining me for a beer
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with Emsi Burning Glass.
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Cheers.
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(jazzy music)