AT WILMINGTON TRUST
THE GREAT TO HAVE YOU HERE WITH
US TODAY DO YOU THINK OF EAT OF
THIS MAGNITUDE WARRANTS, A
STRONG REACTION FROM WALL
STREET.
>> I THINK THE MARKET'S BEEN
LOOKING FOR A STRONG JOB GAINS
LIKE THIS. WE KNOW THAT THE
ECONOMY HAS BEEN REOPENING, WE
KNOW THAT
AXA NATIONS WELL WE'VE GOT SOME
CHALLENGES THERE WE KNOW THAT
IT'S BEEN ENOUGH THAT PEOPLE
ARE GOING TO BE OUT SPENDING ON
SERVICES AND VACATIONS,
INCLUDING THIS COMING WEEKEND
AND I THINK THAT THE MARKET HAS
BEEN LOOKING FOR IS THIS
CONTINUE
TO IMPROVE FROM EMPLOYERS
LOOKING TO HIRE PEOPLE WE KNOW
THAT JOB OPENINGS ARE
INCREDIBLY HIGH. THERE ARE
STILL SOME CHALLENGES
ESPECIALLY ON THE LABOR SUPPLY
SIDE INTER THE NUMBER OF PEOPLE
WHO ARE LOOKING WE SEE THAT
WITH THE LABOR FORCE BUT ALL IN
ALL THIS
A VERY ENCOURAGING SIGN AND
WE'RE LOOKING FOR TO GET BETTER
IN THE 2ND HALF HERE.
>> YEAH AND WE'RE STILL TRYING
TO MAKE UP GROUND FROM THE
STAGGERING 20 MILLION THE JOB
DROP IN APRIL OF 2020. SO HOW
IS THE LABOR MARKET CHANGED
SINCE THEN AND WITH REGARD TO
THE SHAKEUP HOW HAS HOW IS IT
NOT CHANGED IN CERTAIN ASPECTS
AS WELL.
>> YOU KNOW, WE KNOW THAT
THERE'S A LOT OF JOBS THAT ARE
STILL MISSING BECAUSE PEOPLE
HAVE NOT GONE BACK TO WORK BUT
REALLY THE CHANGE THAT YOU'RE
ASKING ABOUT IS THE MOST
IMPORTANT THING WE KNOW THAT
MOST EMPLOYERS ARE GOING TO
HAVE A
VERY DIFFERENT. SET UP AND
WORKING DYNAMIC THEY'VE
INVESTED IN NEW APPS IN NEW
MACHINERY UBER'S SOFTWARE.
IT IS JUST GOING TO BE VERY
DIFFERENT VERY DIFFERENT FEEL
FOR A LOT
OF EMPLOYERS SO WHEN WE LOOK
FORWARD WE THINK SOME OF THE
BIGGEST CHALLENGES ARE NOT JUST
THE.
LABOR SUPPLY PEOPLE WHO ARE
STILL ON BENEFITS THEY'RE GOING
TO RUN ON SEPTEMBER WE KNOW
THAT THAT'S AN ISSUE FOR LABOR
SUPPLY. ONE OF THE MAIN ISSUES
IS WHEN EVERYBODY DECIDES TO GO
BACK WORKING WITH EMPLOYERS ARE
INVITING THEM BACK THEY MIGHT
NOT ALL GET INVITED
BACK FOR HAVE INCREASED THEIR
PRODUCTIVITY IT FIGURED OUT A
MORE EFFICIENT WAY TO OPERATE
AND NOT ALL
THOSE JOBS. IT MIGHT BE THERE,
YOU KNOW NOT NOT ALL THE JOBS
ARE GOING TO BE THERE
AND ONE OF THE MOST INTERESTING
THINGS TO US THAT WE CAN TRUST
US WHEN WE LOOK AT THE JOB
OPENING FOR MANY OF THE SECTORS
IF THE EXCLUSION OS A LOT OF
THE OTHER SECTORS LIKE RATIONAL
BUSINESS SERVICES FINANCIAL
ACTIVITIES, A LOT OF THE
SERVICE SECTOR JOBS. THERE ARE
MORE JOB OPENINGS RIGHT NOW
THEN THERE WERE
JOBS LAW SO EVEN IF EVERYBODY
WENT BACK TO THE POSITION THAT
WOULD STILL BE A LOT OF
OPENINGS AND THAT'S WHERE WE
SEE THE MAIN CHALLENGES, THE
LABOR MARKET WE GET INTO THE
2ND HALF HERE IS WHERE ARE
THOSE PEOPLE I COME FROM SO
THERE'S A LOT OF SHORT-TERM
CHALLENGES AND LONG TERM.
>> AND LET'S JUST TAKE A LOOK
AT THE SECTOR BY SECTOR BEFORE
WE GET INTO SOME OF THE THE
OTHER MAJOR TRENDS THAT WE'RE
WATCHING
RIGHT NOW THESE ARE NOT TALITHA
ADDING 343,000 JOBS 9 194,000
RATHER OF THOSE BEING AT BARS
AND RESTAURANTS. EDUCATION
SECTOR ADDED 269,000 JOBS
PROFESSIONAL BUSINESS SERVICES
72,000 RETAIL TRADE RISING
6 TO 7,000. AND WE CAN GO ON
AND ON WE'VE GOT THE LIST HERE
ON THE SCREEN FOR OUR VIEWERS
AND SO THIS GROWTH IN THIS MOST
RECENT MONTHS, ESPECIALLY GIVEN
THAT WE ARE NOW IN THE SUMMER
MONTHS, WHAT DOES THIS TELL YOU
WHAT IS A SPELL OUT TO YOU EVEN
AS WE MOVE TOWARDS AND THROUGH
THE REST OF THE SUMMER MONTHS
AND KICK OFF THIS BACK HALF OF
2021.
>> YEAH, THOSE NUMBERS ARE JUST
SHOWING THEY'RE BASICALLY
ENCOURAGING ALL AROUND
ESPECIALLY FOR THE SERVICE
SECTORS AND THE ONES THAT YOU
SHOULD THERE. NOT SHOW WORK THE
CONSTRUCTION AND MANUFACTURING
SECTOR WHERE WE
KNOW THAT THERE ARE SOME ISSUES
WITH THOSE SECTORS JUST BEING
ABLE TO GET THEIR HANDS ON THE
COMPONENTS THAT THEY NEED BUT
THE BROAD LOOK
IS DEFINITELY THE ENCOURAGING
FOR LEISURE AND HOSPITALITY
EDUCATION ALL OF THE ONES THAT
YOU LISTED WE ALWAYS LOOK AT
THE OVERALL JOBS GROWTH BUT
EXCLUDE LEISURE AND HOSPITALITY
THAT HAS BEEN WITH AROUND ALL
WINTER AND ALL SPRING AND NOW
AND SOME ARE BASED ON VIRUS
MITIGATIONS AND WEATHER.
AND WHAT WE JUST SAW IF YOU
TAKE
ALL JOB AND EXCLUDE LEISURE AND
HOSPITALITY WE SAW THE SECOND
STRONGEST MONTH THAT WE'VE SEEN
SO WE REALLY ENCOURAGE THAT
OTHER SECTORS ARE STARTING TO
HIRE AND WE KNOW THAT'S WHERE
THOSE OPENINGS ARE SO IT REALLY
IS A POSITIVE LOOK FOR THIS
SUMMER GOING FORWARD.
BUT IT CAN'T REALLY CONTINUE
LIKE THIS FOREVER WHEN
WE LOOK AT LABOR FORCE IT CAN'T
CONTINUE LIKE THIS WITHOUT
SOMETHING CHANGING THE LABOR
FORCE IS ONLY UP BY ABOUT
86,000 JOBS ON APP RICH PER
MONTH OVER THE PAST
6 MONTHS WHILE JOB GROWTH HAS
BEEN 540,000 JOBS PER MONTH.
SO WE WE RECOGNIZE AND WE THINK
THAT IT IS A VERY POSITIVE
OUTLOOK. BUT IF WE DON'T GET
SOME PICKUP IN LABOR FORCE AND
PEOPLE MOVING BACK INTO THE
LABOR FORCE IT'S REALLY GOING
TO GET MORE AND MORE
CHALLENGING FOR THOSE THAT'S
GOING TO SPILL OVER EFFECTS FOR
WAGES FOR.
>> WE ONLY GOT ABOUT 20 SECONDS
LEFT I DO HAVE TO ASK
ABOUT THIS BROADER THING THAT
WE'VE BEEN TRACKING WITH THE
GREAT RESIGNATION AND IN THIS
REPORT, 942,000 VOLUNTARY JOB
LEAVERS WHAT CAN WE DO TO
ENSURE THAT EVEN AS JOBS ARE
BEING ADDED THAT WE'RE NOT
SEEING PEOPLE STARTING TO
UPTICK IN THE LEVEL AND THE
RATE AT WHICH THEY ARE
VOLUNTARILY LEAVING POSITIONS.
>> YEAH
WELL IT'S IT'S COLD OUTSIDE OF
REGULAR PEOPLE WITH HIS
MILITARY LEAVING BECAUSE
THEY'RE RETIRING AND THEY'RE IN
A GOOD PLACE TO DO IT AND THEN
SOME PEOPLE ARE GOING BACK TO
SCHOOL SO IT'S NOT ONE SIMPLE
EASY ANSWER BRAD, THERE'S A LOT
OF THINGS TO CONSIDER WE'RE
GOING TO SEE SOME CHANGES WHEN
THE UNEMPLOYMENT BENEFITS RIGHT
AND THEN WE'RE GOING TO SEE HOW
MANY PEOPLE ARE GOING TO BE
GOING BACK TO WORK AND THE
SKILL THAT WE NEED TO FILL
THOSE JOBS.