Some observations on recent negative trends in productivity, employment mismatch, and labor training and education from the increasingly more bearish David Rosenberg, who notes that the Trump's proposed policies may end up helping growth on the margins, but fail to focus on what is really important, making tens of millions of US workers competitive and qualified for today's jobs market.
I don't think we have a productivity problem — in fact, the demise of productivity is vastly overstated and that is because the Bureau of Labor Statistics (BLS) is likely vastly overstating labor input, and I’m talking here about how hours worked are estimated.
But the real travesty, and what I think deserves top priority (but I don’t see it), is that we have, in addition to 7.5 million officially unemployed (a number that is closer to 15 million when all the hidden unemployment is accounted for), 23.5 million Americans aged 25-to-54 who reside outside the confines of the labor force.
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But wait, I've been told the LAST 8 YEARS, unemployment is down down and jobs are UP UP UP UP UP UP UP UP UP UP.
ReplyDeleteWho/What/Where/Why/How?
WRONG!
And we have to listen to DA liberals like Juan Williams separate labor participation rates and unemployment rates. Yea we get it Juan, the unemployment rate is down, but participation rate is a factor you idiot.
ReplyDeleteThanks for a place to vent!!
The first thing that has to happen is that those unemployed have got to want to work.
ReplyDelete