There's a new buzzword making its way around the economy these days. It's "upskilling." Dr. Perryman says it's all about raising the skill levels of employees.
Dr. Perryman takes a look at Friday's Labor Department jobs report for July and finds an economy beaming with positive economic indicators.
June saw a strong acceleration in the pace of recovery in the job market. Total nonfarm payroll employment in the US rose by 850,000 according to the US Bureau of Labor Statistics, and more than 1.7 million jobs have been gained in the last three months. Since the worst of the decline in April 2020, US employment has risen by 15.6 million. Nonetheless, it remains 6.8 million (4.4%) below the peak in February 2020.
The labor market is tight. Very tight! The number of US job openings is a million higher than the total number of unemployed persons. In Texas, the unemployment rate stands at about 3.5%, and the state continues to add jobs in impressive numbers.
By all standard definitions, the US economy is at "full employment," which loosely means that everyone who wants a job has one. The unemployment rate declined to 4.2% in September, and the number of unemployed persons declined by 331,000. At last count (August), there were more than six million job openings across the United States, up more than 590,000 from a year prior and the highest ever recorded.