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Labor force participation falls to 61.5%, the lowest in 50 years outside COVID, and economists say it's not just people giving up (fortune.com)

submitted 2 months ago by yogthos@lemmy.ml to c/usa@lemmy.ml

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[–] HiddenLayer555@lemmy.ml 30 points 2 months ago* (last edited 2 months ago)

"Participation"

Yeah how dare they not participate after getting fired.

[–] AntiOutsideAktion@hexbear.net 21 points 2 months ago (2 children)

bean-think not a single mention of long covid lol

[–] davel@lemmy.ml 15 points 2 months ago

Long covid is woke, and wokeness is a thoughtcrime.

[–] triplenadir@lemmygrad.ml 2 points 2 months ago

"outside COVID" no, this is actively propagandizing that it's over.

[–] Zachariah@lemmy.world 15 points 2 months ago (1 children)

Economists have spent the past week arguing about why 720,000 people walked away from the labor force in a single month. Laura Ullrich, director of economics at Indeed Hiring Lab and a former Richmond Fed economist, says that rather than treating June’s slide to a 61.5% labor force participation rate—the lowest reading outside the pandemic since 1976—as a story about discouraged workers giving up, it’s actually about supply: There simply aren’t enough workers left to fill the jobs employers have.

“Historically, you’ve been able to look at jobs numbers like what came out on Friday and say, ‘okay, there was a decline in leisure and hospitality. Well, that means there’s less demand for those workers,'” Ullrich told Fortune. “But I think now, and more commonly as we go forward, it actually could be labor supply driving some of that. There are two reasons why you might not add jobs in a month: One is there’s no demand for workers, the other is there is demand, but there’s not enough supply.”

[–] davel@lemmy.ml 21 points 2 months ago

What the fuck is Laura Ullrich smoking?

[+] curiousaur@reddthat.com -29 points 2 months ago (8 children)

[removed by mod]

[+] umbrella@lemmy.ml 34 points 2 months ago* (last edited 1 month ago) (2 children)

[deleted]

[–] jacksilver@lemmy.world 0 points 2 months ago (1 children)

Its not a matter of whether or not to hire, in my opinion. It's just a known issue that education got screwed during covid. The students have been performing worse and its led to less educated/adapted adults graduating from high school and college.

If you don't acknowledge there is an issue, then you can't do anything to help it.

[–] sudoer777@lemmy.ml 19 points 2 months ago

I'm a college grad looking for a job right now, if I'm worthless then what should I do differently?

[–] robotElder2@hexbear.net 18 points 2 months ago

Wishing you a very eat broken glass

[–] Evotech@lemmy.world 14 points 2 months ago

Sounds like your requirements are too high

[–] marxismtomorrow@lemmy.today 13 points 2 months ago* (last edited 2 months ago)

I can guarantee that you have no idea what your roles actually require, or that you're far too cheap and too bad of a boss to actually train workers or recognize talent.

If you cannot find labor at this point in US history, it is explicitly your fault. 100%. There are 70 million people according to this report that are out of work. I can guarantee you they're broke and looking for work. If out of 70 million people you cannot find 5 for your roles, and you've got the free time to post on Lemmy of all niche social media, you are bad at your job.

[–] Lowleekun@hexbear.net 13 points 2 months ago

It is hard to find people qualified for ones bullshit.

[–] CookieOfFortune@lemmy.world 6 points 2 months ago

Having mentored a number of interns that are still in college, there’s definitely competent grads out there.

Either you’re offering a joke salary or you’ve got a problem selecting talent.

[–] Subsonic220@lemmy.ml -1 points 2 months ago (1 children)

Strong opinions, but I've struggled with fresh outs since COVID as well. The graduates that started college during COVID were the worst. There was a significant drop in verbal communication skills. That has gotten somewhat better, but is nowhere near what it was with pre-COVID graduates. There's tons of little things that you need to work through with a lot of fresh outs that used to not be a problem. It's pretty common they won't let you know when they finish a task, and they'll wait for you to check in on them. The "better" ones that do this try to fill their time researching random stuff that interests them, the lower performer ones will just sit their on their phones doom scrolling.

[–] jacksilver@lemmy.world 1 points 2 months ago

Education got hit hard during Covid. I'm just starting to see some rebound in quality of students, but schools themselves haven't recovered either. So students are struggling and schools aren't in a good spot to help cover the gaps.