Friday, March 9, 2018

February Job Numbers and Continue Retraining

The Bureau of Labor Statistics Reported that jobs in February increases 313,000 for the 89th month of job growth. Wages increased 2.6% show signs that employers are still hiring workers and feeling optimistic. Unemployment is still low. The overall news appears to be positive.

Wage growth is important base on demand. With an unemployment rate of 4.1% there is some demand on the labor market. Getting below that number is possible but it can be very difficult.

There is a need to think about the type of skills being offered in order to keep the economy growing. In the Industrial Age people thought about labor in purely "head count". However, in today's economy labor a battery of skills is more important.

Improving the possibility of wage growth and continued hiring may mean training people and updating them toward higher skills. While many of these workers have already been through some type of school and training it may be outdated for maximum growth.

Corporate training and flexible higher education offers opportunities for people to go back to school and move into sectors that need highly skilled workers of all different types. That will be a major commitment for both government and employers.

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