That is the key. If the job report has a bunch of surprising changes, and it does, then we know the hiring managers and recruiters have been building the market.
This job report had a mix of high and low paying, with the unusual being the dominance of professional worker, the most difficult. A warning, however, hurricane effects on skilled construction are evident.
Back to theory:
Our theory assumes a constant trade book uncertainty, hence it is a monetary theory. In reality, the labor market changes uncertainty, it is a two step process. Rebuild the intermediaries, then rebuild labor flow. Thus, we kick this up to smart layer.
If intermediaries have rebuilt the market, then the truer price of labor reveals itself, a lot of us will be scrambling.. Not necessarily a bad thing, except we start with a huge class of minimum wage workers that need sorting. This is what Roger Farmer is trying to reduce, the sudden change in labor market structure.
No comments:
Post a Comment