Labor market one of the most ‘competitive of all-time,' says workforce analyst
Labor participation is the biggest challenge facing the economy, says Joanie Bily
Labor market one of the most ‘competitive of all-time’: Workforce analyst
EmployBridge chief workforce analyst Joanie Bily weighs in on the April jobs report.
During an interview on "Mornings with Maria" EmployBridge chief workforce analyst Joanie Bily said that the labor market is extremely competitive and employers are struggling to find and retain talent.
US ECONOMY SEES HEALTHY JOB GROWTH IN APRIL AS PAYROLLS JUMP BY 428,000
There aren't enough people to participate in the workforce, Joanie Bily told FOX Business. (AP Photo/Matt Rourke / AP Newsroom)
JOANIE BILY: They are concerned about wages, but they are raising wages. They know that they have to do that in order to get the talent. And the demand is there. Certainly, we see it with the amount of job postings, 11.5 million open jobs, and we don't have enough people to get that or even participate in the workforce. So employers are really struggling right now. They realize the challenge of, number one, retaining their current staff, their current talent that they have in place. They know that they need to look at wages for existing employees, for new employees that they're bringing in, and those labor costs just keep increasing. So I think we will see that in corporate earnings certainly in the future. We are in one of the most competitive labor markets of all time and there really is a challenge. I think it comes down to labor participation. We need to encourage people to get back to work. That is the biggest challenge that we have, certainly in our economy.
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US economy adds 428,000 jobs in April
FOX Business’ Edward Lawrence with more on the April jobs report.