The U.S. has witnessed unprecedented increases in job openings and, subsequently, a tight labor market. The economy saw a sharp post-Covid recovery last year, however, in recent months, high inflation and ensuing policy tightening has lowered growth forecasts and caused many to expect a fall in the creation of jobs.
Indeed, the economy contracted at an annual rate of 0.9% in the three months to July. Yet July also saw 528,000 new jobs as the unemployment rate fell to 3.5%!
So what's going on? Should we be worried or are things actually looking pretty good for the remainder of this year and 2023?
In this HRchat episode, we take a lens to the US economy and labor market and ask “are we talking ourselves into a recession?”
Our guest today is David Garrett, Customer Success Manager and Economic Researcher at Joveo. David is also one of the key architects of Joveo's new U.S. Labor Market Forecast: Economic Impact on Talent Demand Across Industries and Occupations.
Questions For David Include:
- The US economy has shrunk for the second quarter in a row, a milestone that in many countries would be considered an economic recession. The contraction, at an annual rate of 0.9% in the three months to July, has drawn widespread attention as worries about the economy grow. Should we be worried?
- What is a technical recession?
- The July 2022 US Jobs report showed Payrolls actually increased by 528,000! How is this potential recession different from previous incarnations
- Given there's nothing fundamentally 'wrong' with the US economy, are we 'talking ourselves into a recession'?
- How are/should HR pros and leaders prepare for a downturn?
- Will some jobs remain in demand even if a recession does hit? If so, which ones?
- How is Joveo helping
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