Despite inflation, US labor force seeing 'encouraging signs': Economist
There's an opportunity now for 'anyone' to further their career, according to ZipRecruiter chief economist
US seeing ‘decent recovery’ in labor force participation: ZipRecruiter chief economist
ZipRecruiter chief economist Julia Pollak argues labor force participation is ‘higher’ among teenagers and there are some ‘encouraging signs.’
ZipRecruiter chief economist Julia Pollak argued that U.S. labor force participation is seeing a "decent recovery" and there are some "encouraging signs" amid soaring inflation.
"Rapid job growth is not causing inflation," Pollak told "Mornings with Maria," Wednesday.
"A full labor market recovery will be a good thing. Having more people come back to work will be a good thing... We’re seeing labor force participation is higher among teenagers than ever before."
Pollak’s comments come on the heels of the number of job openings decreasing to 11.4 million on the last business day of April, according to the Labor Department’s Job Opening and Labor Turnover Survey, or JOLTS.
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Pollak said this is one of the "tightest labor markets on record," as there are "twice as many job openings as unemployed jobseekers," but there's "enormous demand" in the jobs market as the economy reopens and the coronavirus pandemic subsides.
ZipRecruiter chief economist Julia Pollak told FOX Business that the labor force participation is ‘higher’ among teenagers and there are some ‘encouraging signs.’ (Photo by Spencer Platt/Getty Images / Getty Images)
"Restaurant dining is surging, air travel is taking off, and you're seeing big events return. You're seeing sporting events, concerts... things are happening and reopening," the economist noted.
Furthermore, there is an "opportunity now for almost anyone" to accelerate their career, according to Pollak.
"Employers have dramatically lowered experience and education requirements for jobs," she said.
Tightest labor market ‘on record’: ZipRecruiter chief economist
ZipRecruiter chief economist Julia Pollak says there’s an ‘enormous demand’ in the job market as the economy reopens.
"We're seeing teens now who have flooded into the labor market, leapfrog the normal job you typically get, the lifeguard jobs, camp counselor jobs… They're going straight for jobs with serious paychecks and benefits packages… that's left a gap in the market now."