U.S. Outlook: On the hunt for a better job

Posted By Scott Anderson In Economic Outlook | No Comments

It is widely known that the U.S. economy is creating new jobs at a rapid pace. Since the expansion started, the economy has added nearly 20 million jobs.

Business man on Wall St. at top of escalator carrying folded newspapers [1]What is less well-known is the improvement we have seen in the quality of the jobs being created.

For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Sept. 28.

Key observations:
  • With nearly 7 million open positions in the United States — a new national record — it is getting harder and harder for employers to find qualified candidates.
  • As of August, part-time employment in the U.S. had dropped by 616,000 jobs, while full-time jobs were up by 2.7 million.
  • This labor-shortage trend likely extends into the gig economy as well.
  • Our forecast for the September payroll report is for another increase of 180K nonfarm jobs, with the U.S. unemployment rate moving back down to 3.8%.

Read my full report. [2]

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URL to article: https://changematters.bankofthewest.com/2018/09/28/u-s-outlook-on-the-hunt-for-a-better-job/

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[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2018/09/bizman_wallst_crop.jpg

[2] Read my full report.: http://blog.bankofthewest.com/wp-content/uploads/2018/09/BankoftheWest_USOutlook_09_28_18.pdf

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