SkinsHokieFan Posted May 5, 2006 Share Posted May 5, 2006 Interesting article on the job market. 4.7 percent unemployment does this http://www.washingtonpost.com/wp-dyn/content/article/2006/05/04/AR2006050402063.html In Demand and in CommandThe Job Market's Latest Seesaw Pays Off for Applicants By Neil Irwin Washington Post Staff Writer Friday, May 5, 2006; D01 American workers are regaining something they've lacked for five years: the upper hand in negotiations with their employers. Through the last recession and much of the ensuing recovery, there were more workers looking for jobs than employers looking to hire them. As a result, wages grew more slowly than prices. That dynamic seems to be changing, according to a range of economic data. "The war for talent is back on," said Gregory Netland, chief executive of Vedior North America, a staffing firm that places 15,000 workers on temporary assignments on any given day. Companies are still eschewing the bidding wars that were typical in the boom year of 2000, executives said, instead competing for workers in other ways. And workers with few skills have less leverage than those in high-demand fields such as technology and finance. But the slack that typified the nation's labor market from 2001 until last year appears to have dissipated, and wages are starting to rise. This tightening in the labor market was underscored yesterday by new government data. For most of the past five years, workers' productivity has risen faster than their compensation. But in the first quarter, the value of pay and benefits for workers rose at a 3.6 percent inflation-adjusted annual pace, as their productivity rose only 3.2 percent. These numbers are subject to big swings quarter to quarter, and other measures of workers' pay show more modest gains. There is little doubt, though, that the market for U.S. workers is tighter than it was even a few months ago. The unemployment rate was 4.7 percent in March, down from 5.1 percent six months earlier. The Labor Department will announce April employment data today, which should indicate whether the trend has continued into the spring. The data speak to one of the big questions looming over the economy. If the tight labor market leads to wage growth at roughly the same pace as the nation's output rises, it would be welcome news for workers who have seen scant raises in recent years, would support consumer spending and help continue the economic expansion. But if wages grow too fast, it would create inflation, leading the Federal Reserve to try to put the brakes on the economy in a potentially painful manner by raising interest rates aggressively, slowing the economy. "If the cost of labor rises much further, it's something the Fed will really have to watch," said Jason Schenker, an economist at Wachovia Corp. SAS Institute Inc., which sells software that businesses use to analyze their operations, shows the dilemma U.S. businesses face in trying to attract workers in a newly tight job market without pushing wages up too quickly. In 2003, SAS had about 58,000 applicants and hired 800 people. This year, it's on track to have fewer applicants -- about 48,000 -- but 50 percent more jobs to fill. "The technical talent just does not seem to be out there like it used to be," said Jeff Chambers, the company's vice president for human resources. To keep the 10,000-employee company adequately staffed, it is marketing itself more aggressively on college campuses, and it increased the number of students in its internship program 10 percent this year. And the company is more willing to pay up for a good employee than in the recent past. "Back in 2000, everybody was banging up wages every chance they got," Chambers said. "Then they just stabilized in 2002 and 2003. Now they're on the upswing again."............ Cut, click on link Link to comment Share on other sites More sharing options...
luckydevil Posted May 5, 2006 Share Posted May 5, 2006 Damn illegal immigration Link to comment Share on other sites More sharing options...
OaktonSkins/BushFan Posted May 5, 2006 Share Posted May 5, 2006 That damn, good for nothing Bush. 4.7% unemployment rate? Uh, what a miserable failure. :doh: Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 Damn illegal immigration :laugh: Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 A bump for the morning crowd, I am sure there are plenty of opinions Link to comment Share on other sites More sharing options...
Prosperity Posted May 5, 2006 Share Posted May 5, 2006 Sounds good, seems like things have started to head in the right direction. OT: SHF, what is your opinion on Gold? Why is it doing so well recently? Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 Sounds good, seems like things have started to head in the right direction.OT: SHF, what is your opinion on Gold? Why is it doing so well recently? People starting to become more panicky about the future of the dollar When that happens you have all those people who say "buy gold to protect your assets" blah blah buying it up Link to comment Share on other sites More sharing options...
Prosperity Posted May 5, 2006 Share Posted May 5, 2006 People starting to become more panicky about the future of the dollarWhen that happens you have all those people who say "buy gold to protect your assets" blah blah buying it up Ok so you think it is more perception than reality. I mean, I read articles from the doom and gloom crowd and from the cheery folks. I can never tell who is right. Link to comment Share on other sites More sharing options...
gbear Posted May 5, 2006 Share Posted May 5, 2006 Seriously, this is some good news. I'm glad to hear there is finally some wage preassure up. I do think it's interesting that 48000 applicants for 1200 jobs is a sign that workers have more leverage...Seriously though the SAS institute is supposed to be an awesome place to work in terms of enviroment. I can see why so many people would want to work there. It's one of the few places I would consider leaving my job for. Of course I'm one of those nerds who offered to rewrite the code in SAS for my cell phones billing department when they kept messing mine up. Link to comment Share on other sites More sharing options...
Dexter's Better Posted May 5, 2006 Share Posted May 5, 2006 I was one of those 58,000 that applied to SAS. I guess now that I live in Raleigh, I might do it again. Link to comment Share on other sites More sharing options...
Dexter's Better Posted May 5, 2006 Share Posted May 5, 2006 Seriously, this is some good news. I'm glad to hear there is finally some wage preassure up. I do think it's interesting that 48000 applicants for 1200 jobs is a sign that workers have more leverage...Seriously though the SAS institute is supposed to be an awesome place to work in terms of enviroment. I can see why so many people would want to work there. It's one of the few places I would consider leaving my job for. Of course I'm one of those nerds who offered to rewrite the code in SAS for my cell phones billing department when they kept messing mine up. I would join specifically for the unoffical drop the zero discount. You can join Prestonwood country club for $3000 if you work at SAS (54 Holes + Full CC) instead of the $30,000 for outsiders. Link to comment Share on other sites More sharing options...
nelms Posted May 5, 2006 Share Posted May 5, 2006 Bush/Cheney - 4 more years! Bush/Cheney - 4 more years! Bush/Cheney - 4 more years! Link to comment Share on other sites More sharing options...
gbear Posted May 5, 2006 Share Posted May 5, 2006 nelms, quick question were you one of the horde of bush supporters claiming the president wasn't to blaim for the bad economy? Sorry, but I have to laugh at how good news is to his credit, and bad news is imediately not. I didn't want to make it political, but since you went there... As a dem, some good news is just good news. I'm just waiting for the inevitable post on here about how Dems wil be sad by it despite no dems posting anything of the sort. Link to comment Share on other sites More sharing options...
techboy Posted May 5, 2006 Share Posted May 5, 2006 If Republicans are hypocrites for giving President Bush a pass when the economy was going poorly, then giving him the credit when the economy is going well, doesn't that make Democrats hypocrites for blaming him when things were bad, but not giving him credit now? Political charges of hypocricy amuse me, because by definition it always cuts both ways. Link to comment Share on other sites More sharing options...
Prosperity Posted May 5, 2006 Share Posted May 5, 2006 If Republicans are hypocrites for giving President Bush a pass when the economy was going poorly, then giving him the credit when the economy is going well, doesn't that make Democrats hypocrites for blaming him when things were bad, but not giving him credit now?Political charges of hypocricy amuse me, because by definition it always cuts both ways. yes they are all hypocrites. People have short memories so it doesn't matter either way. Link to comment Share on other sites More sharing options...
Winslowalrob Posted May 5, 2006 Share Posted May 5, 2006 Great news, Skins. You think we should extend the tax cuts, or shore them up now that it looks like we have righted the ship? Nothing makes my red heart happier than seeing labor stick it to management . I have no idea why conservative members of the forum are celebrating this. Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 Great news, Skins. You think we should extend the tax cuts, or shore them up now that it looks like we have righted the ship?Nothing makes my red heart happier than seeing labor stick it to management . I have no idea why conservative members of the forum are celebrating this. Power to the people man. The more money the worker has, the more money he has to buy my services Link to comment Share on other sites More sharing options...
gbear Posted May 5, 2006 Share Posted May 5, 2006 Well as one who hasn't blaimed him for the jobs...I just laugh. In truth this it is the first news that has been contrary to one of my pet peeves (economy good, avergae worker screwed) :doh: I'm not sure I've blaimed him for that though outside of taxes. Typically when it comes to economy and his role, my problems are long term defecits he leaves for my children to pay off, and the purchasing power of the median income being in decline. If this story pans out (notice just a short time period covered in a volatile stat), I'll be thrilled. It's not like I cheer for bad news just to have something to bash. I think perception is what bothers me most (and somewhat because it is occassionaly true of us Dems). Most of us want the positive outcome regardless of which party brings it to us. We complain at all the bad stuff. WE just complain louder when Bush does the bad stuff On the substance, I'll just be curious to see if at the end of his 8 year stint the median income family has more or less purchasing power that they had at the start, and whether they have made gains equivalent to what workers have made in other time periods. Simply put, if your purchasing power goes down 1% a year for 7 years and then goes up 1% in the 8th, that's not a good thing despite ending on a positive note. Bush has had some bad times to deal with to mitigate some of the blaim, but he has also done some not so wonderful things for our economy. See turn around a recession spending and tax breaks when not actually in a recession. These are popular. It doesn't mean they make long term sense for our eceonomy. Link to comment Share on other sites More sharing options...
Winslowalrob Posted May 5, 2006 Share Posted May 5, 2006 Well as one who hasn't blaimed him for the jobs...I just laugh. In truth this it is the first news that has been contrary to one of my pet peeves (economy good, avergae worker screwed) :doh: I'm not sure I've blaimed him for that though outside of taxes. Typically when it comes to economy and his role, my problems are long term defecits he leaves for my children to pay off, and the purchasing power of the median income being in decline. If this story pans out (notice just a short time period covered in a volatile stat), I'll be thrilled. It's not like I cheer for bad news just to have something to bash. I think perception is what bothers me most (and somewhat because it is occassionaly true of us Dems). Most of us want the positive outcome regardless of which party brings it to us. We complain at all the bad stuff. WE just complain louder when Bush does the bad stuff On the substance, I'll just be curious to see if at the end of his 8 year stint the median income family has more or less purchasing power that they had at the start, and whether they have made gains equivalent to what workers have made in other time periods. Simply put, if your purchasing power goes down 1% a year for 7 years and then goes up 1% in the 8th, that's not a good thing despite ending on a positive note. Bush has had some bad times to deal with to mitigate some of the blaim, but he has also done some not so wonderful things for our economy. See turn around a recession spending and tax breaks when not actually in a recession. These are popular. It doesn't mean they make long term sense for our eceonomy. Tru tru. Before we build a statue to Bush and start sacrficing the virgins in his honor, we need purchasing power growth for an extended time, otherwise this good news could be a blip rather than a trend. Link to comment Share on other sites More sharing options...
Winslowalrob Posted May 5, 2006 Share Posted May 5, 2006 Power to the people man. The more money the worker has, the more money he has to buy my services What the hell? Workers making money is a good thing? What is this nonsense? You sound like me... Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 What the hell? Workers making money is a good thing? What is this nonsense? You sound like me... If workers are making money, it means I am making MORE money See how it works Link to comment Share on other sites More sharing options...
Redskins Diehard Posted May 5, 2006 Share Posted May 5, 2006 Damn illegal immigration How much more in command would the worker be if there weren't 11 million illegals driving up supply? Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 5, 2006 Author Share Posted May 5, 2006 How much more in command would the worker be if there weren't 11 million illegals driving up supply? For some reason I don't think illegals are competing with computer programmers for jobs Link to comment Share on other sites More sharing options...
gbear Posted May 5, 2006 Share Posted May 5, 2006 That and larger markets have traditionally done better by everyone. Otherwise all free market traders should be broke and wages for everything should be a nickle a day. Link to comment Share on other sites More sharing options...
OaktonSkins/BushFan Posted May 5, 2006 Share Posted May 5, 2006 Power to the people man. The more money the worker has, the more money he has to buy my services Oh, that "supply-side" stuff doesn't work Hokie. :laugh: Link to comment Share on other sites More sharing options...
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