Workers Staying Put at the Jobs They Have

Monday, 07 Oct 2013 08:44 AM

By Elliot Jager

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
One sign that the economy remains sluggish is that workers who have jobs are holding onto them.

The Labor Department did not release its monthly snapshot of employment and unemployment on Friday because of the partial government closure. That report would have measured all jobs created in a month, minus all the ones that were lost.

But, according to The Wall Street Journal, it would be equally helpful to look beneath the surface and see that "Workers aren't quitting their jobs to pursue better opportunities.
Companies aren't filling positions when they do open up."

And fewer workers have been taking a chance on switching jobs.

"Nobody's leaving for a better job," Jason Faberman, a Federal Reserve Bank economist, told the Journal, "which means positions aren't opening up for the unemployed."

This stagnation also makes it tough on any anyone, particularly younger people in their prime, who want to switch jobs in order to earn a higher salary.

"If you miss that window when you're young, that could have really long-term consequences," said Toshihiko Mukoyama, a University of Virginia economist. "They cannot go up the job ladder."

Another Federal Reserve official, Dennis Lockhart told the Journal: "We see a picture in which fewer firms are expanding employment, and each expanding firm is adding fewer new jobs on average than in the past. Fewer people are being laid off or are quitting their job, and firms are hiring fewer people. In other words, the employment dynamics of the U.S. economy are slower."

What's behind the trend is unclear. Economists cite an aging population, a shift toward bigger businesses, and the erosion of middle-skill jobs, according to the Journal.
Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ind. Lawmaker Proposes Bill to 'Preserve' Christmas in 2015

Monday, 22 Dec 2014 14:45 PM

Not wanting to waste any time, an Indiana state senator wants to give his constituents an early Christmas present by spo . . .

Singer Joe Cocker Dies at 70: Report

Monday, 22 Dec 2014 13:45 PM

Joe Cocker, the British singer who had numerous hits in the 1970s and '80s including a barrel-throated rendition of Wit . . .

Most Believe Santa Claus Is a Republican

Monday, 22 Dec 2014 12:51 PM

He probably doesn't have time to vote, what with all that toy-making, reindeer-steering and chimney-dropping, but did yo . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved