US on a ‘two-track labor market’ for skilled work: Economist

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The US Bureau of Labor Statistics’ jobs report revealed that the US economy added 175,000 jobs in April, below expectations of 240,000, with annual wage growth also below expectations at 3.9%. Although numbers came in below expectations, some sectors fared better than others when adding jobs and increasing wages.

Glassdoor Chief Economist Aaron Terrazas joins The Morning Brief to give insight into the April jobs report and how it paints a picture of the current job market landscape.

Terrazas elaborates on the type of companies that are hiring and where wages stand: “They’re two very different groups of companies right now. Companies that hire kind of workers with graduate degrees, they have pulled back on hiring, pulled back on wages. Whereas, again, for front line service, until perhaps this month, hospitality, leisure, construction, all of those were still going very fast.”

He continues with: “When you look at the time that workers stay unemployed after a layoff, it has been flat, below pre-pandemic levels for workers with less than a college degree. It’s been basically flat for workers with exactly a bachelor’s degree. It has been skyrocketing for workers with a graduate degree. This is kind of an inverse labor market compared [to] most of what we’ve seen the past 20 years.”

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino

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