Saturday , September 25 2021
Home / Mike Norman Economics / Pedro Nicolaci da Costa — Fed rebel warns businesses to stop ‘whining’ about a shortage of workers

Pedro Nicolaci da Costa — Fed rebel warns businesses to stop ‘whining’ about a shortage of workers

Summary:
It’s an all-too common refrain among US corporations: we have jobs available, but simply can’t find qualified workers to fill them. Economists, including top Federal Reserve officials, lend credibility to this dubious claim by arguing there is a "skills gap" among US workers that is preventing firms from finding employees with the right backgrounds. However, ample research and basic common sense suggests that wage stagnation, which has dominated the US job landscape in recent decades, is a symptom of an anemic labor market, not a fully recovered one. Credit to Minneapolis Fed President Neel Kashkari for pointing that out during a speech to business leaders on Monday. "If you're not raising wages, then it just sounds like whining," he told a group of business people at a Rotary Club

Topics:
Mike Norman considers the following as important: , , , ,

This could be interesting, too:

run75441 writes Record High July Job Openings, June  Record Revised Higher

Michael Stephens writes Direct Job Creation in Greece

Martha Tepepa writes The “Thing” with Job Guarantee Programs…

Nick Falvo writes the recession’s likely long-term impact on homelessness

It’s an all-too common refrain among US corporations: we have jobs available, but simply can’t find qualified workers to fill them.
Economists, including top Federal Reserve officials, lend credibility to this dubious claim by arguing there is a "skills gap" among US workers that is preventing firms from finding employees with the right backgrounds.
However, ample research and basic common sense suggests that wage stagnation, which has dominated the US job landscape in recent decades, is a symptom of an anemic labor market, not a fully recovered one.
Credit to Minneapolis Fed President Neel Kashkari for pointing that out during a speech to business leaders on Monday.
"If you're not raising wages, then it just sounds like whining," he told a group of business people at a Rotary Club meeting in Sioux Falls, S.D., according to the Washington Examiner.
Business insider
Fed rebel warns businesses to stop 'whining' about a shortage of workers
Pedro Nicolaci da Costa
ht Brad DeLong at Grasping Reality
 
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *