US Economy Adds more Jobs

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Here is an Wall Street Journal article that I found informative and interesting at the same time. The US Economy added 428,000 jobs in April and the unemployment rate is at 3.6%.

https://www.wsj.com/articles/april-jobs-report-unemployment-rate-2022-11651789328?reflink=desktopwebshare_permalink

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The majority of these added jobs are in the leisure and hospitality industries (restaurants and hotels). To me this is understandable, since this industry was very hard hit by all of the lock downs and people feeling insecure regarding the pandemic. Most of these companies closed their doors during this time period and are just now getting back up to speed.

Several people that I have talked to complain that people do not get paid enough who work in restaurants and hotels. However they also say that restaurants and hotels charge too much for what they offer.

I normally ask them would they be willing to pay more for those same services so the companies will increase the pay to their front-line workers. Most say they would not pay more because they do not believe the companies would pass the increase to the lower paid workers.

Help Wanted

While driving around town, I see help wanted signs in most business windows. 3.6% unemployment rate implies that 96 people out of 100 people willing to work already have jobs, I do not think the remaining unemployed people want to take the low paying jobs that I see advertised.

I believe it will be very difficult for the unemployment rate to go much lower than it already is.

Good or Bad

Now with the Fed increasing interest rates to try to slow down inflation, it occurs to me that this would also slow down the US economy. When the economy slows, more companies lay off workers due to slowing sales of their products.

Recession Ahead?

Usually with this tight of a labor market it is hard for an economy to enter a full blown recession however with all of the unprecedented things that are now happening, who knows what will happen next.

What are your thoughts concerning this news article and my thoughts?

Posted Using LeoFinance Beta

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9 comments
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I think with the rising living expenses many workers are being more demanding of employers may be considering a move to another city or state where they can get more profitable employment.

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it will be interesting the direction everything takes over the next few months

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It seems to be a good time for the US. In Italy the economy was restarting, but the war between Russia and Ukraine complicated everything. The economy in Italy is doing poorly.

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sorry to hear about the economy in Italy. Glad you are on Hive building your blogging business and earning crypto. i am sure crypto prices will rebound and whwn they do you will have a nice holding.

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