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Nothing Can Escape Old Man Time

Nothing can escape Old Man Time, and that includes the economy. Don’t get me wrong, the economy is doing pretty well. A recent report by the Bureau of Labor Statistics says that there continues to be more job openings than unemployed. Of course, It is understood that there are those that might not be included in those unemployment numbers; thus it can be taken with a grain of salt. Whatever the case, the jobs are out there, and generally this is a good thing. However, a factor that isn’t talked about a lot, and will most likely be a huge obstacle in the future, is that America, yes you America, is getting old.

I’m sure you have all heard about Japan’s aging workforce. It now seems it is America’s turn. Baby Boomers are retiring. Those that didn’t retire because of a weak economy and a flailing retirement fund, are now retiring at an increasing rate. Here’s a stat: a Baby Boomer retires every 9 seconds. Everyone deserves to retire, however in a growing population that continues to need goods and services, it becomes a problem. The Census Bureau projects that our needs for goods and services will be more than our workforce can produce from now to at least 2030. This is a different aspect of the labor crunch and it is expected to be a big factor in our nation’s production and growth. Read More >

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Contract Jobs Are Here To Stay

Politics aside, 2017 has been a good year for the economy. Some might say it may be getting a bit overheated, but better that than dead cold. Jobs are up across most industries, and unemployment has declined. Black Friday set all sorts of records for spending, a sign that consumer confidence is high. Most importantly, there is a general sentiment that 2018 will also be a strong year. That will make everyone’s New Year happier. The light at the end of the tunnel is shining on us, at least momentarily. However, this is the “new economy” and just like with anything new, there will be growing pains.

Ryan mentioned in a past blogpost that contract jobs have become an integral part of the economy. It started out with companies needing to be flexible in their labor costs during difficult times. Now it has become the norm.  Companies continue to search for the right balance between permanent employees and contract workers, but even with an improving economy, Execuforce expects businesses to rely on contract workers for a higher percentage of their workforce than in the past. Read More >

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