What do you want to get rid of? Higher inflation or not being able to land a better job?

[ck4829]

Turns out, you may not be able to...

The unprecedented level of job switching seen last year as the U.S. labor market rebounded from the pandemic gave workers more leverage to ask for better pay and played a role in pushing inflation to its highest level in decades, a new study suggests.

An increase in the share of people who searched for jobs while they were employed helped boost inflation by about 1 percentage point throughout much of last year, according to a paper released on Monday by the Chicago Federal Reserve. That suggests job-switching at times accounted for roughly 20% of the price growth seen in 2021.

"Workers' propensity to search for another job is an important driver of inflation," said Leonardo Melosi, a senior economist for the Chicago Fed and a co-author of the report.

People who search for new work while they still have a job can end up with higher salaries - and more spending power - after switching jobs or receiving a raise from their current employer, the researchers said.

https://www.yahoo.com/finance/news/record-job-switching-rates-pushing-140917284.html

I for one DON'T want to give up the leverage or the fact that the market has somewhat shifted over to employee preferences rather than employers. I hope the social and political trends continue. But it comes with economic costs. Do you want to give them up?

[WhiskeyGrinder]

1. I'd rather get rid of a system that claims this is the only choice.

[ck4829]

2. That would be nice

[KPN]

3. THIS!

[Demsrule86]

8. I don't believe we have inflation...not with the inflated earnings we see...this is all about

Corporations raising prices in order to reap even more obscene profits.

[Zeitghost]

11. Not possible

When people make more money, they spend it, driving prices for consumer goods up. Simple supply and demand economics.

[KPN]

4. How about forgive student debt (or at least a meaningful share of it) and MAKE TFG tax cuts to

middle class permanent instead of expiring in 2025!!!! Why aren't we taking action on these? Let's at least have debate, a public relations campaign AND VOTES on these things!!!! Give the people some hope and something tangible to support.

[Demsrule86]

9. How can we accomplish this? We have a 5050 congress.

And I do not believe it can be accomplished via executive order.

[KPN]

13. We can't, you are right. But shouldn't we at least make a strong publicly visible effort? These

are hugely popular goals for key voters we depend on.

[iemanja]

5. For me, inflation has a greater impact

I'm too old to change jobs.

[Demsrule86]

10. And what if you lost your job...my husband was in and out of work since the pandemic...he is

considered an older worker and it was tough.

[iemanja]

16. That would be very bad

I'm sorry about your husband. I can only imagine how tough it is.

[Demsrule86]

19. We are OK now...I was able to flip a house with a friend who does construction...so that helped

a great deal. And hubs has found a good job...he actually took a pay cut but...he was working 7 days a week on the old jobs and they still let him go...too much. He works five days a week and surprisingly the take-home isn't that much different and the benefits are better. So I am thankful. Thanks for your good wishes.

[iemanja]

23. I'm glad it worked out for you!

Great news.

[onecaliberal]

6. Corporations are still making record profits, that is driving inflation the most.

[ck4829]

7. Yes, that is a far bigger driver than wages and benefits.

[KPN]

15. Even if it is not the most, profits and wages have been skewed out of balance for decades.

High time we redistribute some of that unfairly aggregated wealth to those who actually do the real work of producing.

[Busterscruggs]

12. I havent held

A job in years. I just don't like being told what to do I guess. The manager made me really upset at that last place too. I am worried about inflation though as I am barely getting by as it is. My parents told me this morning that I have to do something because they are running out of patience with my situation.

[ck4829]

14. Is the job market perfect right now? No. But if you have to do something, now is the perfect time

An example of the increased leverage: Where I work, used to be you had to work there for a year before you could even be considered a potential fit for a manager, now they're hiring people AS managers. Dropped some rules on attendance too. My wages have gone up on the order of dollars in a month's time.

[Busterscruggs]

17. It seems easy

But emotionally, it's a real struggle. I would break into tears at the last place I was at if anyone was difficult to work with. I was on the verge of tears so many times before that manager raised his voice to me. It was just too much for my emotional state. I thought that I developed PTSD from being there but after talking here, I am now sure of it. I need to get motivated and apply for disability or whatever programs somebody like me is eligible for.

[Demsrule86]

22. It is very hard to get disability. But good luck.

[Demsrule86]

21. Excellent news...it is about time workers were treated better and had some power.

[Demsrule86]

20. In the Cleveland area of Ohio...people are being hired for manufacturing jobs ...entry level

from on average 19.00 to 25.00 sometimes higher...this is the sort of job if you work hard you can be promoted to a supervisor or shift manager...etc. There are signs everywhere. And there is generally over time although not forced anymore.

[roamer65]

18. Jobs over inflation.

Fiat currency should never be treated as a store of wealth.

Only as a medium of exchange.