Nela Richardson, ADP chief economist and a Bloomberg contributor, reacts to the latest jobless claims numbers, saying the U.S. labor market is very concentrated and only hiring a very specific type of person.
BreakdownGenerated by LeadStory AI
- Continuing jobless claims are about 5% higher than the previous year. 7s
- Labor force participation is a full percentage point lower than before the pandemic. 17s
- Most new jobs are concentrated in health care and education sectors. 1m 38s
- Wage growth has increased from 0.4% pre-pandemic to 2.5% currently. 3m 29s
- Younger workers now make up a larger share of the labor market, while workers aged 45 and older have declined by 2% over five years. 3m 1s