Will the end of the Pandemic Unemployment Benefits turn a worker's market into a manager's market?

[AshG]

The pandemic federal unemployment assistance payments have come to an end and people are now scrambling for whatever job they can find.

(Because a planned event they've known about for 18 months somehow still takes people by surprise.)

We've seen wage growth moving at a steady click as the pandemic wore on, with managers and business owners trying to fill openings by any means necessary. Now that millions of people have come to the realization that, yes, they do actually have to find a job again, will we see these hiring enticements fall by the wayside and the labor market effectively punish the latecomers for holding out until the very end?

 

[Tyler Durden]

People aren't going to sacrifice their health for $8/hour.

 

[volinbham]

there are 10 million job openings

 

[volinbham]

People aren't going to sacrifice their health for $8/hour.

virtually no one pays only $8/hour

 

[AshG]

virtually no one pays only $8/hour

Even here in the backwoods of Maryland, McDonald's and Taco Bell are offering $13 to start. I haven't seen $8 in a while.

 

[Boston Vol]

People aren't going to sacrifice their health for $8/hour.

Who the hell pays $8 an hour? Jesus we start our 15-year-olds with no job experience at $9.75-10. We have a ton of high school students making $11 plus.

 

[volinbham]

The pandemic federal unemployment assistance payments have come to an end and people are now scrambling for whatever job they can find.

(Because a planned event they've known about for 18 months somehow still takes people by surprise.)

We've seen wage growth moving at a steady click as the pandemic wore on, with managers and business owners trying to fill openings by any means necessary. Now that millions of people have come to the realization that, yes, they do actually have to find a job again, will we see these hiring enticements fall by the wayside and the labor market effectively punish the latecomers for holding out until the very end?

unfortunately wage growth hasn't kept pace with inflation so real wages are down.

no one is being "punished" for holding out - they'll make the same wages as other new employees but they may not get signing bonuses. calling that being punished is entitlement thinking. If you missed a sale were you punished by the retail market?

 

[Pepe_Silvia]

People aren't going to sacrifice their health for $8/hour.

Starving is fairly hazardous to a person's health.

 

[DC_Vol]

People aren't going to sacrifice their health for $8/hour.

You need to up your skills, bro.

If you manage to just show up on time for two weeks, you’ll probably get a raise.

 

[volinbham]

Who the hell pays $8 an hour? Jesus we start our 15-year-olds with no job experience at $9.75-10. We have a ton of high school students making $11 plus.

it's what Tyler would pay them

 

[volinbham]

it is pretty funny the Fed bennies end on Labor Day

 

[AshG]

unfortunately wage growth hasn't kept pace with inflation so real wages are down.

no one is being "punished" for holding out - they'll make the same wages as other new employees but they may not get signing bonuses. calling that being punished is entitlement thinking. If you missed a sale were you punished by the retail market?

I'm one of those guys who starts looking for a job the moment I lose one. The punish comment wasn't meant to suggest entitlement mindset, but more the matter that they missed their window for best consideration in a wide open market.

 

[Tyler Durden]

virtually no one pays only $8/hour

Unlimited sodas!!!! Yippee!!!!

 

[Boston Vol]

The pandemic federal unemployment assistance payments have come to an end and people are now scrambling for whatever job they can find.

(Because a planned event they've known about for 18 months somehow still takes people by surprise.)

We've seen wage growth moving at a steady click as the pandemic wore on, with managers and business owners trying to fill openings by any means necessary. Now that millions of people have come to the realization that, yes, they do actually have to find a job again, will we see these hiring enticements fall by the wayside and the labor market effectively punish the latecomers for holding out until the very end?

I can’t speak for every industry, but I do think there will be a bit of a recalibration in the QSR world. We had a lot of discussions about just how high we were wiling to go. We came to the conclusion that there was a line that we weren’t willing to cross because we knew that the $300 per week federal kicker, which killed the market, was just temporary.

 

[volinbham]

I'm one of those guys who starts looking for a job the moment I lose one. The punish comment wasn't meant to suggest entitlement mindset, but more the matter that they missed their window for best consideration in a wide open market.

once I started working at 12 the longest I've been unemployed was 3 months in the summer between 11th and 12th grade.

 

[Tyler Durden]

You need to up your skills, bro.

If you manage to just show up on time for two weeks, you’ll probably get a raise.

Now that's some insight

 

[volinbham]

Unlimited sodas!!!! Yippee!!!!

hope you make it to $10 buddy - good luck

 

[AshG]

once I started working at 12 the longest I've been unemployed was 3 months in the summer between 11th and 12th grade.

My parents wouldn't let me work during high school, but my dad handed me a newspaper the Monday after graduation and told me to have a job by Friday at the latest. I started flipping burgers on Wednesday.

I am forever thankful of the work ethic he instilled in us.

 

[Boston Vol]

I’ll also add that while I’m not involved in our business on a day-to-day basis, I do keep track of a lot of things pretty closely. I logged into our ADP account earlier this evening to check out application traffic, and let just say that there’s been a bit of an uptick. Remarkably it coincides with the end of the extra weekly federal unemployment benefit.

 

[Pepe_Silvia]

hope you make it to $10 buddy - good luck

Maybe he should consider finding a more generous pimp.

 

[UT_VOLS13]

US minimum wage would be $26 an hour if it had kept pace with productivity, economist claims

 

[BP4Prez]

People aren't going to sacrifice their health for $8/hour.

Less than 2 percent of work force make minimum wage.

Characteristics of minimum wage workers, 2020 : BLS Reports: U.S. Bureau of Labor Statistics

 

[Boston Vol]

US minimum wage would be $26 an hour if it had kept pace with productivity, economist claims

And at $26 an hour, there would be a whole lot of unemployed people.

 

[Tyler Durden]

Even here in the backwoods of Maryland, McDonald's and Taco Bell are offering $13 to start. I haven't seen $8 in a while.

Good luck getting by on $13/hr anywhere. Let's not act like $13/hr is a super duper deal for anybody anywhere. Corporations have been conducting highway robbery for 30 years, and now when the scales finally start balancing people want to act like these poor executives with million dollar homes and $300 haircuts have it so rough. Disgusting.

 

[allvol123]

I’ll also add that while I’m not involved in our business on a day-to-day basis, I do keep track of a lot of things pretty closely. I logged into our ADP account earlier this evening to check out application traffic, and let just say that there’s been a bit of an uptick. Remarkably it coincides with the end of the extra weekly federal unemployment benefit.

Odd.