A new set of unemployment numbers are coming out this morning. But, we are already in unchartered territory. There are more jobs open than there are people out of work.
The latest numbers showed there were 6.7 million jobs open and 6.35 million people looking for work. Economist Vance Ginn with the Texas Public Policy Foundation tells KTRH it sounds good but it may not be. The workforce may not have the skills for today's jobs.
“Those jobs that are available do not match the same skillset of those that are unemployed. It indicates there is still some weakness in the labor market,” Ginn explained.
There is another number that's concerning Ginn. The labor participation rate is still under 63%.
“We are still at 40 years lows. That’s because baby boomers have retired. Some young adults have decided to stay in college longer and live with their parents,” Ginn explained. “But the 25-54 year old age group, the prime age working population; that level of unemployment is still about one million below what it was in 2007, when the last recession started.”
But, Ginn tells us the economy is going well, and it's because of President Trump's policies, which include the striking down of some Obama era regulations and, of course, tax reform.