Kevin Drum last week summarized the most recent monthly jobs’ report:
The headline unemployment rate ticked down to 5.9 percent, due to a combination of more employment and more people dropping out of the labor force. However, the labor force participation rate stayed about the same as last month, so this jobs report isn’t primarily about people giving up on looking for work. It’s basically good news.
Last Friday, I went out for a couple of beers with my former team to celebrate the final project which I owed them being wrapped up. I asked my boss if they had hired to replace me yet. He said that the position is posted, and they are getting a good number of resumes. They made an offer to a candidate for roughly my final salary and responsibility scope two weeks ago. She laughed at them, as she should have. and countered with basically what I am making now with the additional stipulation that she can maintain a healthy work-life balance. Nothing has come back from HR on the counter-offer. My old manager has been saying that they can either find my skill set or they can find someone willing to take my previous salary, but not both. So besides being told that I was being dramatically underpaid, this is tentative data that perhaps the labor market is finally starting to shift back as workers can afford to say either no or ask if the offer is a joke. Another year of 200K plus net new jobs a month, and the possibility of the labor share of national income could start increasing.
And since it has been a while, let’s make this an open jobs thread…..