Jobs Friday And The Labor Market Mystery
It's Jobs Friday!! We were really excited because some people were predicting that we might have a million new jobs created in the last month! But... the US added just 266,000 jobs last month, way below that expected million. The unemployment rate even rose a bit, to 6.1 percent. It's pretty brutal news, especially when the jobs market seemed to be gaining momentum.
Here's the strange thing: At the same time, companies across the US are saying they are in a hiring crisis--they can't find people to fill their jobs. What is going on?
On The Indicator from Planet Money, we dig into the labor market paradox. How are there nine million unemployed people and also businesses that are still desperately trying to hire?
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