Archived Opinion

Real data about the job market

To the Editor:

The letter by Ms. Subic “Stop the checks, get to work” in the July 14 issue of The Smoky Mountain News starkly illustrates the importance of an informed citizenry in a robust democracy. Although rambling — and including apparently self-bemusing racial comments — apparently her intent was to argue that unemployment benefits, particularly the $300 supplement, were a key factor in firms’ current challenges in filling vacant positions.

The facts actually show a much more complicated situation. For instance, the data show that 6 million more Baby Boomers in the U.S. retired from October 2020 to March 2021 than in the same period in the previous year. These retirements sharply reduced the workforce. Perhaps Ms. Subic wants your retired grandma to get a job.

Also, Moody Analytics examined four sets of data: weekly unemployment claims, Google mobility data, job search trends, and small business payrolls. The results showed that there had been no meaningful change in the job market since some states blocked the $300 supplemental jobless benefits. Although some people are out of the job market because of unemployment benefits, a Morning Consult survey indicated that these people only constitute about 13 percent of those unemployed. This number is comparable to the results recently reported by the Federal Reserve Bank of San Francisco. 

Childcare obligations (and the cost and limited availability of external childcare), fears of COVID in the workplace, health limitations, and “lousy work options” largely instead explain why many are not currently in the job market. Contrary to Ms. Subic’s claim, there are many reports of firms reconsidering their human resource management policies in order to attract and retain employees. That’s what successful businesses do; they adapt to address market conditions.

Ultimately, as recent situations show, meeting the nation’s challenges requires thoughtful consideration of facts, not the thoughtless recitation of partisan talking points, nor opinions based on assumptions, biases or conspiracies. Our responsibility as citizens is to be informed. This includes consideration of a workplace that is being altered by demographics and the economics of COVID-19. 

Speaking of economics, Ms. Subic, exactly what “taxes are going up?”

Wayne Stewart, Ph.D. 

Franklin

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