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We're recovering from a pandemic-induced inflation.
We're dealing with simultaneous supply and demand shock.
We're dealing with a war between two major commodity producers with subsequent effect on prices.
We're dealing with a small housing bubble.
We're dealing with the mass retirement of baby boomers, without sufficient workers to replace them.
We're dealing with the potential collapse of the world's second-largest economy.
I guess what I'm saying here is that the traditional economic narratives just aren't working right now. We are in uncharted territory. So who the heck knows?
Agree 100%. And then we are dealing with politicians of all stripes and their most ardent supporters trying to turn every one of these things into political talking points when the US government has almost zero control over any of this. Uncharted territory indeed.
We're recovering from a pandemic-induced inflation and unemployment.
We're dealing with simultaneous supply and demand shock.
We're dealing with a war between two major commodity producers with subsequent effect on prices.
We're dealing with a small housing bubble.
We're dealing with the mass retirement of baby boomers, without sufficient workers to replace them.
We're dealing with the potential collapse of the world's second-largest economy.
I guess what I'm saying here is that the traditional economic narratives just aren't working right now. We are in uncharted territory. So who the heck knows?
I agree, but for the boldfaced. I'm a salty Gen-Xer, because I don't see any mass Boomer retirements. I see Boomers working into their 70s well past the point of financial need and refusing to let go because their identities are so tied to their jobs they don't know what to do with themselves otherwise, thus keeping my generation stuck in a holding pattern when we should be moving into leadership positions. Meanwhile, everyone is talking about Millennials as though they're the ones who are next in line. YOO-HOO! 65 million peak performers right here!
I don't know that we're in a recession but since covid the prices on pretty much everything have gone up. Most people's paychecks haven't increased to keep up unless someone got a new job with a big salary increase or a huge bonus. Most people are likely in the same job since 2020. There were some people at my company that didn't get a raise in 2020 due to salary freezes. So that's great that there are jobs out there but for those that already have a job I don't know how much that helps them. Nice for someone unemployed or looking to make a career/job change as long as they're qualified I guess
What floored me the most was real estate prices.
Here is a misnomer about "The Great Resignation," many people actually didn't resign and go on unemployment. Most people left a job to actually took new and often better paying job with a different company. Some left jobs for companies that didn't offer telework for another that would continue it. In fact an August 2021 PricewaterhouseCooper study showed that 65% of employee respondants said they were looking for new jobs.
Some argue that the new jobs created ,many are part time or temporary jobs for those who seek extra income to pay their bills.
Uber said the new drivers sign up to earn more grocery money.
Here is a misnomer about "The Great Resignation," many people actually didn't resign and go on unemployment. Most people left a job to actually took new and often better paying job with a different company. Some left jobs for companies that didn't offer telework for another that would continue it. In fact an August 2021 PricewaterhouseCooper study showed that 65% of employee respondants said they were looking for new jobs.
Many did this, but others did other things. If you were laid off from years of restaurant work as a result of 2020, you probably had time to do some retraining.
I was never laid off, never missed an hour, never stopped working. 2020 was my busiest, and professionally worst, year ever, as far as work/life balance is concerned.
and what about local businesses closing ,the workers and owners are out of work,are they included in the numbers?
There are so many local businesses closed in my area-hair salon,nail salon,dentist,eateries,drycleaners/
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