Elizabeth Renter

Hey, Ana. Thanks for having me. It's always a great discussion.

Hey, Ana. Thanks for having me. It's always a great discussion.

Hey, Ana. Thanks for having me. It's always a great discussion.

Well, we know that people base much of what they think about the economy at large on their own personal experiences, and the labor market is a massive part of the overall economy. You know, when you think about our personal experiences within the labor market, you might think about how long we've been at our job or how we feel about our pay and benefits and how these things change with time.

Well, we know that people base much of what they think about the economy at large on their own personal experiences, and the labor market is a massive part of the overall economy. You know, when you think about our personal experiences within the labor market, you might think about how long we've been at our job or how we feel about our pay and benefits and how these things change with time.

Well, we know that people base much of what they think about the economy at large on their own personal experiences, and the labor market is a massive part of the overall economy. You know, when you think about our personal experiences within the labor market, you might think about how long we've been at our job or how we feel about our pay and benefits and how these things change with time.

or our experiences when we're searching for a new job. And interestingly, all of these things are also important on a macro level when interpreting the health of the labor market. But our personal experiences go beyond the data. We might gauge satisfaction with our pay increases on whether it feels like we're able to increasingly buy more stuff or better afford the stuff we have.

or our experiences when we're searching for a new job. And interestingly, all of these things are also important on a macro level when interpreting the health of the labor market. But our personal experiences go beyond the data. We might gauge satisfaction with our pay increases on whether it feels like we're able to increasingly buy more stuff or better afford the stuff we have.

or our experiences when we're searching for a new job. And interestingly, all of these things are also important on a macro level when interpreting the health of the labor market. But our personal experiences go beyond the data. We might gauge satisfaction with our pay increases on whether it feels like we're able to increasingly buy more stuff or better afford the stuff we have.

But it can also be influenced by what we hear and see on social media or in our social circles.

But it can also be influenced by what we hear and see on social media or in our social circles.

But it can also be influenced by what we hear and see on social media or in our social circles.

Yeah. So we've come through a really interesting transition over the last, say, four years, which makes this a great time to talk about the labor market. Towards the end of the initial months of the pandemic, workers had the upper hand and could find a new, perhaps better paying job relatively easily. That's because the demand for labor or workers outweighed the supply or the number of workers.

Yeah. So we've come through a really interesting transition over the last, say, four years, which makes this a great time to talk about the labor market. Towards the end of the initial months of the pandemic, workers had the upper hand and could find a new, perhaps better paying job relatively easily. That's because the demand for labor or workers outweighed the supply or the number of workers.

Yeah. So we've come through a really interesting transition over the last, say, four years, which makes this a great time to talk about the labor market. Towards the end of the initial months of the pandemic, workers had the upper hand and could find a new, perhaps better paying job relatively easily. That's because the demand for labor or workers outweighed the supply or the number of workers.

So companies had to compete for them. This showed up in the data as high quits rates and high hiring rates as people turned over in jobs. Now, however, things have shifted. In part because of the Federal Reserve's campaign to slow inflation, the labor market has cooled, and labor supply and labor demand are in better balance.

So companies had to compete for them. This showed up in the data as high quits rates and high hiring rates as people turned over in jobs. Now, however, things have shifted. In part because of the Federal Reserve's campaign to slow inflation, the labor market has cooled, and labor supply and labor demand are in better balance.

So companies had to compete for them. This showed up in the data as high quits rates and high hiring rates as people turned over in jobs. Now, however, things have shifted. In part because of the Federal Reserve's campaign to slow inflation, the labor market has cooled, and labor supply and labor demand are in better balance.

So in the data, that appears as lower hiring rates, lower quits rates, and also fewer job openings.

So in the data, that appears as lower hiring rates, lower quits rates, and also fewer job openings.