Staggering stat: 53% of Americans would switch to a role in an entirely new industry if they had to opportunity to retrain, according to Prudential's latest Pulse of the American Worker Survey.
Why it matters: We've told you about the "great resignation" — how upwards of 40% of U.S. workers may quit their jobs post-pandemic. That reshuffling in the labor market could be even more dramatic than companies are expecting because nearly half of workers want to jump fields, not just jobs.
The pandemic's effects, along with a decline in the number of young adults, have depressed college enrollment, with community colleges bearing much of the brunt.
Why it matters: A college degree is becoming more important as the demand for higher skills sharpens. The drop in college enrollment — which is especially steep for Black and Latino students — is bad news for both the higher education industry and broader social mobility.
As more companies lean towards a hybrid setup, many are cutting back their headquarters and putting smaller offices close to where workers are.
Why it matters: White-collar employees want flexibility, but they don't necessarily want to keep working from their bedrooms. Smaller satellite offices could give employees places to work without the pre-pandemic commute.
Many tech startups are choosing to keep employees working from home and are pivoting to planning several elaborate company retreats per year to allow employees to meet and bond, the Wall Street Journal reported this week.
Why it matters: For many companies, corporate retreats are becoming a necessity as they try to figure out how to maintain company culture with remote employees.
In the fog of all the takes on the Fed's rate liftoff timeline this week, chair Jerome Powell's view of the labor market got relatively little attention.
The big picture: At Wednesday's press conference, Powell continued to express confidence in strong employment growth throughout the rest of the year — along with a dose of humility about the forecasting.
The fraud is not hard to see in economic statistics, once you realize it's there.
By the numbers: Before the pandemic, continued unemployment claims — the number of Americans claiming unemployment benefits for two weeks or longer — were counted at 2,152,733. That was one-third of the official number of unemployed Americans, as measured in the monthly household employment survey, which was 6,504,000.
Arizona has been particularly public about the anti-fraud controls in its unemployment office.
By the numbers: Arizona has said that it saw 570,400 initial PUA claims filed in the week ending October 10, 2020. A month later, after hiring ID.me to filter new applications, that number had plunged by 99% to 6,700.
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America's labor shortage crisis has been exacerbated by immigration restrictions that have reduced the number of both skilled and unskilled workers.
Between the lines: Most of the labor scarcity blame has been aimed at expanded unemployment benefits, hard-to-find child care and low wages. But there is a fourth leg to the stool.
With more firms adopting remote or hybrid work practices, company-wide retreats are going from boondoggles to a necessity.
Why it matters: The pandemic showed that most white-collar employees can get their work done outside of an office, but a company's culture will wither without occasional face-to-face time.