The Jobless Rate May Dip By 2019
If you’ve been following recent HR news, you may know that the job market is currently tight. In fact, according to HRDrive.com, the jobless rate is predicted to dip in 2019. The website reported the following data researched by HR experts:
- The tight labor market could get even tighter if the jobless rate dips to 3.5% as forecast, Axios reports.
- Mark Zandi, chief economist at Moody's Analytics, said during a call with reporters that the rate could hit a low only seen twice since the records began in 1948.
- Employers' struggle to fill jobs could get even more challenging a year from now, forcing them to raise wages, loosen hiring standards and invest more money in training, says Axios.
- Zandi's unemployment prediction is even lower than the Federal Reserve's figures of 3.6% to 4.0%.
- A U.S. Bureau of Labor Statistics report shows that wages and benefits rose 2.6% in 2017, proof that the labor market still favors workers.
- But with data from the National Bureau of Economic Research, the Labor Market Concentration report shows that wages in rural areas, where mergers regularly occur, have been kept down.