A few weeks ago, the chair of the Federal Reserve Bank, Jerome Powell, told us that he wants the labor market to slow down so he can more effectively fight inflation.
In January, the U.S. added 517,000 jobs, an unexpected surge in job growth that reduced U.S. unemployment to 3.4%, the lowest rate since the 1960s. San Diego’s unemployment rate dropped to 2.9%, which sounds like “full employment” to me.At a recent breakfast with two astute HR executives, we joked about the imprecise use of the term “full employment,” which historically has been between 4.5 to 5 percent, depending on who you ask.
Amazon announced the layoffs of 10,000 to 15,000 employees. That sounds high until you realize that the company hired 500,000 employees last year. For Amazon, the layoff was nothing more than a rounding error. Let’s consider some interesting big-picture trends that are here to stay. In January, we reached a global population of 8 billion people, heading toward 10 billion.
But immigration reform is such a hot political potato that no one expects the border doors to burst open with millions of new workers.
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