Workforce in Focus
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- “Is the Favorable Era for Workers Coming to an End?” (Wall Street Journal): This article explores whether the current favorable job market conditions for employees are here to stay. Economist Richard Freeman argues it’s a golden age for workers due to high demand, labor shortages, and potential union growth. Harry Holzer is more cautious, fearing the Fed’s fight against inflation and offshoring jobs could weaken the market. Both agree on the long-term impact of artificial intelligence, with Freeman believing it might benefit less-skilled workers, while Holzer anticipates job displacement across various sectors. The future of remote work is also uncertain, with potential benefits for both employers and employees if managed effectively. The “Great Resignation” seems to be fading as pandemic savings dry up.
- “How Gen Z Is Becoming the Toolbelt Generation” (Wall Street Journal): There is a labor shortage in skilled trade jobs like plumbing, welding, and maintenance technicians. This is leading to higher wages in these occupations and younger people are considering these careers as an alternative to the four-year college route, with more perceived job security with the rise in artificial intelligence. Enrollment in vocational training programs is surging and employers are increasingly offering paid apprenticeships. There is still a perception that college is the best path, but this is changing, especially as college debt continues to rise.
- See these MI Resources to help: Federation of Advanced Manufacturing Education (FAME), the MI’s training program offers a debt-free pathway to a good paying career. Find out more by attending an overview session here.
- “39,000 Lost Jobs Undercut Biden’s Manufacturing Wins” (Bloomberg): While the manufacturing industry at large has been experiencing job gains, the trouble for President Biden is that most of the job gains aren’t in swing states that propelled him to winning the Presidency and where he will need the votes to win re-election. States like Michigan, Wisconsin and Pennsylvania have lost 39,000 jobs, mainly in classic rustbelt cities like Detroit and Milwaukee. Meanwhile, job gains in the industry are occurring in more conservative states in the South and Southwest, posing a political issue for President Biden.
