Employers still aren't hiring enough. Just look at November's disappointing employment report, which barely eked out a gain in jobs. Or better yet, look at the holiday workers at your local mall. If you can find them.
Retailers, who are reporting astrong start to the holiday shopping season, are apparently doing so with less help than in the past.
The Labor Department reported a drop of 28,000 retail jobs in the month in its employment report once it adjusted the numbers for seasonal factors. Except for 2008, when the economy was in the process of falling off a cliff, there hasn't been such a weak November for retail payrolls in in 29 years.
This is interesting because it alludes to a structural change in the US economy; one in which the natural unemployment rate may increase from the 4 to 5 percent to 7 or 8 in light of increase efficiency. It could be a tough sell politically though. I doubt the Obama Administration would be able to execute a campaign message of a 'stubbornly high' unemployment rate with the explanation being that it's good for the economy in the long-run.
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