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Assessing The September Jobs Report - YouTube
Channel: TD Ameritrade Network
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welcome back to morning trade live let's
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talk some more about that employment
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figure coming in way below expectations
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we were looking for just shy of half a
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million jobs added instead we got a
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little over a hundred thousand richard
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wallquist joins us president and chief
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executive officer at the american
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staffing association richard welcome
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back to the show should we be getting
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concerned about this mismatch between uh
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workers and employers uh when we hit 194
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instead of 475.
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uh oliver i think all employers that i
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talked to certainly all the members that
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i represent we're getting very very very
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concerned we've got uh some good talents
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in terms of the economy in terms of gdp
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the demand is out there we've got 11
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million jobs that are open and we can't
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fill and yet the labor force
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participation rate continues to tick
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down
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richard that is a tone that strikes me
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as a very realistic one but a different
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one too that uh you've had we've spoken
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in the past your tone is generally
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optimistic and looking for the uh
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recovery to show up in
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these areas that have been beaten down
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but obviously some of these areas that
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got beat down so hard are they springing
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back more slowly than expected or is
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there just a issue of wages that can be
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resolved through price hikes
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well actually it's it's not so much that
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i've lost my optimism uh the uh sectors
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uh pretty much across the entire economy
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uh are showing increases in demand for
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labor and so if my optimism is a little
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tempered this morning sure it's because
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i guessed wrong i thought that come
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september uh when schools reopened that
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we would see more working parents go
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back i thought that as vaccination rates
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went up we would see labor force
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participation rates go up and yet what
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have we seen we see a hundred and eighty
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three thousand fewer people in the labor
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force altogether uh we've got people who
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have moved to the sidelines who are
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staying on the sidelines and i'm afraid
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going that last quarter of a mile to get
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the last 25 percent of the american
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working population vaccinated is going
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to be a really tough uphill climb
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any idea or what could help us make that
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climb uh richard i mentioned the wages
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side of it but again it seems like it's
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something deeper than that that it is
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the jobs specifically that don't match
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up with uh one's ability or
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how do we kind of figure out where that
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gap is because i really like your point
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about how you'd expect
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participation to go up as vaccines went
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up
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well i mean this is this is a key focus
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of every one of the members that our
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association represents the american
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staffing association represents the
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people who help companies find workers
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for jobs short term long term there is a
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bright data point here oliver and it is
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that the requests for full-time
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so-called permanent staff this is the
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direct hire where companies engage our
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member companies saying i don't really
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need temporary or contract workers as as
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as much right now
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i see the numbers i see that we're
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upside down in terms of labor force
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participation rates demand for the
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products in my company demand for the
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services in my company are not only good
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we're expecting they're going to
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increase so we need to snap up some of
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that available labor and at the same
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time oliver every single employer in
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america is dealing with what gallup
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calls the great disengagement which is
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to say that not only trying to get new
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workers in on a temporary contract and
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full-time basis they're trying really
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hard to keep the workers that they've
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currently got because a lot of them are
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looking
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richard uh as far as the ease of getting
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workers how many of these businesses do
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not require some special skill set how
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many are
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jobs that the average person can walk
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into they just need to be there and
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show up for the job are we getting a
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lack of engagement in that area as far
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as consumer uh you know jobs or is this
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more that high-end skilled jobs have
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lost the labor set of people who were
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able to fulfill those positions
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it's a little bit of all of the oliver
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so with the the upper end so we need to
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have very specific uh training and i'll
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look at healthcare we were upside down
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in terms of the supply of nurses and
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advanced clinicians and physicians
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you know going into cobit and that
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hasn't changed in fact we've got nurses
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now and the folks that are on the front
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line
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facing burnout issues we've never seen
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before because they're just working so
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very very hard obviously if you've got a
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position that requires an advanced
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degree of training you can't just walk
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into that kind of position but with
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those 11 million open jobs so many of
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them qualify for earn and learn on the
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job training and the big big big message
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from our our industry in the hr
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community to the people who are the
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hiring managers is stop looking for the
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unicorns you don't have to have a
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four-year degree uh for every single job
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in america in fact most of them are
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going to lend themselves to increasingly
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certificate-like training that you can
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access over the course of three to six
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months and we're doing a lot of that got
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a lot of people all over that are on the
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sidelines and they still just don't know
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how to get back into the labor force
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okay well i know that you guys are doing
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everything that you can i've seen some
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of the businesses around here with uh
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hiring tables put right outside of their
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establishments and a lot of signs still
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out there so it's uh pretty amazing that
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we're still having such difficulty
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richard when would you expect to see
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some of this equilibrium reached
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if this is about maybe concern of
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working at a time when delta went up and
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covered went up i mean what is the
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timeline cure that you're operating on
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that you would think should start to
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close this gap that we still have
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so we're looking at a lot of the data
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points one of the interesting data
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points is really around some census
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numbers that say that we had about eight
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million americans saying that they could
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not go back into the workforce because
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of their kids that were you know getting
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taught at home virtually uh so the
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number has dropped but now it's still
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about five million and so we've got five
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million that are on the sidelines we've
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got states like california that said
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that we're going to push a mandate a
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vaccine mandate for kids that are 12 and
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up and eventually five and up across
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every school system in california as
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soon as uh things are approved by the
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fda that's got parents concerned um and
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again we've got a lot of americans that
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are just vaccine hesitant uh we have
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seen some stellar reports come out of
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american airlines for example yesterday
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so yeah you know overwhelming percentage
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of their employees uh have been uh
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vaccinated or going to get vaccinated
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big asterisks there oliver 30 percent of
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the pilots say they're not vaccinated
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and right now we're not sure that
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they're going to get vaccinated so these
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these the the very well-intended vaccine
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mandates that are coming out of the
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federal government that are being
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imposed at the state level are really
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going to have a dampening effect on
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labor supply answering your question uh
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good news uh it appears as though
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we bent the curb again on the the delta
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variant
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number of cases is actually going down
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so it's going to be a combination of
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continued education i mean a family
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member to family member certainly
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businesses for some people they're going
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to make the decision to get the vaccine
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because that means they're again the
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only way they're going to get the
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paycheck in other cases it's got to be
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much more personal they're going to have
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to know someone who's in a hospital with
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covet or know someone with long covet
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and i'm just not really optimistic that
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we're going to be able to turn any of
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that around in the next couple of months
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okay so uh the vaccination rates
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have gone up but uh the job equilibrium
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has not been reached and there still is
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uh a hold out group of course that now
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won't be able to uh take jobs if they
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require uh vaccinations if people
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haven't gotten them so there's still
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another impasse
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tied into this whole situation related
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to cove richard thanks for the
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perspective and the details on what
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you're seeing on the ground thank you
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oliver thank you richard waldquist is
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the chief executive officer of the
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american staffing association
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you
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