EMPLOYMENT MILIEU CHANGES AS JOB-INFLATION CURVE SHIFTS

#UnicornEconomy #EconomicTrends #TemporaryJobs #unemployment #inflation
It’s been dubbed “The Unicorn Economy.”
That is an economy so unusual, that both unemployment and inflation are low.
Neil Irwin discussed this in an article for The New York Times, also published May 4, 2019, in The Atlanta Journal-Constitution.
That same day, the Atlanta newspaper published an article that says temporary jobs are playing a bigger role in Atlanta’s economy.
“The last few years have made it clear the Phillips curve – the relationship between unemployment and inflation – has either changed shape or become irrelevant,” Irwin’s article says.
Generally, when the employment picture is good, wages go up and, by correlation, so do prices for goods and services. That defines inflation.
But that does not appear to be happening, making it tough to set economic policy, the Irwin article says.
Meanwhile, technology has spawned the increase in temporary workers, the other article says.
“In an increasingly uncertain economy, a company that has demand for its services right now can get the people it needs – without committing to keep paying them if demand drops,” the article says.
“If business suddenly slows, workers go away. If business is strong, a company can take temps who have proven themselves and hire them – no muss, no fuss, no ads or interviews,” the article continues.
Low unemployment coupled with low inflation may look good on paper, but several things could be at play.
First, wages are not increasing as much as they should in a good economy. Some are seeing raises for the first time in years, but many wages are not good enough for some people to make a decent living.
As the article on the temporary workers implies, fewer workers are getting benefits from their employers, like health insurance, vacations etc. That helps companies keep labor costs down, so they won’t have to raise prices.
In short, what looks good on paper may not translate into the best of lives for average workers. The job security and benefits of the past are gone, in many cases.
On-demand or volume-variable staffing is not good for the workers who have to navigate it. Some full-time workers may be asked to go home, either without pay or by using vacation time. What a job-security nightmare for those folks.
The good news is that there are ways for workers to deal with, or even eliminate the problem. There are a number of vehicles out there in which a worker can invest a few, part-time, off-the-job hours a week and earn a potentially lucrative income. It doesn’t matter the worker’s background, education or job skills. He just has to be willing to take a look, and see whether any of these vehicles is to his liking. To check out one of the best such vehicles, message me.
Today’s job market is unrecognizable to your parents, grandparents or other older relatives. In the old days, “steady” work was the ultimate goal. As the two articles indicate, the economy has changed and so have work rules.
Workers may now have to look for income alternatives that may lie outside one’s comfort zone.
Peter

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