Jobs numbers show changing landscape for workers

ABC News’ Alexis Christoforous and LinkedIn Chief Economist Karin Kimbrough break down Friday's jobs report.
5:01 | 05/05/23

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Transcript for Jobs numbers show changing landscape for workers
TESTS. SO GET THEM AS SOON AS YOU CAN SO GET THEM AS SOON AS YOU CAN BEFORE MAY 11TH. BEFORE MAY 11TH. NOW TO THAT BETTER THAN NOW TO THAT BETTER THAN EXPECTED JOBS REPORT. EXPECTED JOBS REPORT. THE U.S. ECONOMY ADDING THE U.S. ECONOMY ADDING TWO HUNDRED AND FIFTY TWO HUNDRED AND FIFTY THREE THOUSAND JOBS LAST MONTH THREE THOUSAND JOBS LAST MONTH WHILE THE UNEMPLOYMENT RATE WHILE THE UNEMPLOYMENT RATE DROPPRESIDENT BIDEN SPEAKING JUS WHILE THE UNEMPLOYMENT RATE DROPPRESIDENT BIDEN SPEAKING JUT DROPPRESIDENT BIDEN SPEAKING JUT A LITTLE WHILE AGO, TOUTING A LITTLE WHILE AGO, TOUTING THE REPORT. THE REPORT. >> THE REALLY GOOD NEWS >> THE REALLY GOOD NEWS IS WORKING AGE AMERICANS ARE IS WORKING AGE AMERICANS ARE PARTICIPATING IN THE LABOR PARTICIPATING IN THE LABOR FORCE OF THE HIGHEST RATE IN FORCE OF THE HIGHEST RATE IN 15 YEARS, NOT JUST SINCE 15 YEARS, NOT JUST SINCE THE PANDEMIC IN 15 YEARS. THE PANDEMIC IN 15 YEARS. AND THE WORKING AGE WOMEN ARE AND THE WORKING AGE WOMEN ARE PARTICIPATING. PARTICIPATING. THE HIGHEST RATE IN THE HIGHEST RATE IN SEVENTY FIVE YEARS. SEVENTY FIVE YEARS. INFLATION IS NOW DOWN 40% SINCE INFLATION IS NOW DOWN 40% SINCE LAST SUMMER. LAST SUMMER. IT'S COME DOWN TO THE LAST IT'S COME DOWN TO THE LAST NINE MONTHS IN A ROW. NINE MONTHS IN A ROW. WE OBVIOUSLY HAVE MORE WORK WE OBVIOUSLY HAVE MORE WORK TO DO, BUT WE'RE TRENDING IN TO DO, BUT WE'RE TRENDING IN THE RIGHT DIRECTION AND I THINK THE RIGHT DIRECTION AND I THINK WE'RE MAKING REAL PROGRESS. WE'RE MAKING REAL PROGRESS. SPRING IN OUR BUSINESS SPRING IN OUR BUSINESS CORRESPONDENT CORRESPONDENT ALEXIS CHRISTOFOROUS FOR MORE . ALEXIS CHRISTOFOROUS FOR MORE . SO, ALEXIS , ARE WE VOIDING, SO, ALEXIS , ARE WE VOIDING, AVOIDING A RECESSION? AVOIDING A RECESSION? I THINK THE JURY'S STILL OUT I THINK THE JURY'S STILL OUT ON THAT ONE , KYRA. ON THAT ONE , KYRA. BUT THE JOB MARKET IS STILL BUT THE JOB MARKET IS STILL HOLDING STRONG DESPITE A STRING HOLDING STRONG DESPITE A STRING OF HEADWINDS. OF HEADWINDS. WE'VE GOT THE BANKING TURMOIL, WE'VE GOT THE BANKING TURMOIL, A SLOWING ECONOMY, HIGHER A SLOWING ECONOMY, HIGHER INTEREST RATES, DESPITE ALL INTEREST RATES, DESPITE ALL THAT, EMPLOYERS ADDING, AS YOU THAT, EMPLOYERS ADDING, AS YOU SAID , A BETTER THAN EXPECTED SAID , A BETTER THAN EXPECTED TWO HUNDRED TWO HUNDRED FIFTY THREE THOUSAND JOBS IN FIFTY THREE THOUSAND JOBS IN APRIL, FAR BETTER THAN THE ONE APRIL, FAR BETTER THAN THE ONE HUNDRED AND EIGHTY THOUSAND WE HUNDRED AND EIGHTY THOUSAND WE WERE EXPECTING THE UNEMPLOYMENT WERE EXPECTING THE UNEMPLOYMENT RATE NOW AT A FIFTY FOUR YEAR RATE NOW AT A FIFTY FOUR YEAR LOW OF THREE POINT LOW OF THREE POINT FOUR PERCENT. FOUR PERCENT. WE DID SEE THE BIGGEST JOB WE DID SEE THE BIGGEST JOB GAINS IN THE INDUSTRIES OF GAINS IN THE INDUSTRIES OF PROFESSIONAL AND BUSINESS PROFESSIONAL AND BUSINESS SERVICES, HEALTH CARE SERVICES, HEALTH CARE AND LEISURE AND HOSPITALITY. AND LEISURE AND HOSPITALITY. ALSO AVERAGE HOURLY EARNINGS. ALSO AVERAGE HOURLY EARNINGS. THIS IS WHAT THE FED LOOKS AT THIS IS WHAT THE FED LOOKS AT PRETTY CLOSELY BECAUSE WAGES PRETTY CLOSELY BECAUSE WAGES ARE INFLATIONARY. ARE INFLATIONARY. WE KNOW WELL, THEY ROSE HALF WE KNOW WELL, THEY ROSE HALF A PERCENT MONTH OVER MONTH, A PERCENT MONTH OVER MONTH, FOUR POINT FOUR PERCENT YEAR FOUR POINT FOUR PERCENT YEAR OVER YEAR. OVER YEAR. MEANTIME, MORE PEOPLE ARE MEANTIME, MORE PEOPLE ARE ACTIVELY PARTICIPATING. ACTIVELY PARTICIPATING. AND THE LABOR MARKET, YOU HEARD AND THE LABOR MARKET, YOU HEARD THE PRESIDENT HIGHLIGHTING THIS THE PRESIDENT HIGHLIGHTING THIS ,ESPECIALLY PRIME AGE WORKERS ,ESPECIALLY PRIME AGE WORKERS AND WOMEN AGE TWENTY FIVE TO AND WOMEN AGE TWENTY FIVE TO FIFTY FOUR . FIFTY FOUR . IT'S YET TO BE SEEN. IT'S YET TO BE SEEN. IF THIS REPORT IS STRONG IF THIS REPORT IS STRONG ENOUGH, THOUGH, TO SWAY THE FED ENOUGH, THOUGH, TO SWAY THE FED TO KEEP RAISING INTEREST RATES. TO KEEP RAISING INTEREST RATES. AND WHILE SOME ECONOMISTS ARE AND WHILE SOME ECONOMISTS ARE STILL CALLING FOR A RECESSION STILL CALLING FOR A RECESSION WITH A JOB MARKET, THIS WITH A JOB MARKET, THIS RESILIENT, WE MAY JUST GET THAT RESILIENT, WE MAY JUST GET THAT SOFT LANDING. SOFT LANDING. THE FED HAS BEEN WORKING THE FED HAS BEEN WORKING TOWARDS SCARRA. TOWARDS SCARRA. >> ALL RIGHT. >> ALL RIGHT. WE'LL STAY ON TOP OF IT ALL. WE'LL STAY ON TOP OF IT ALL. OF COURSE, A LITTLE BIT OF GOOD OF COURSE, A LITTLE BIT OF GOOD NEWS. NEWS. ALEXIS , THANK SO MUCH. ALEXIS , THANK SO MUCH. AND JOINING ME NOW, CHIEF AND JOINING ME NOW, CHIEF ECONOMIST FOR LINKEDIN, KAREN ECONOMIST FOR LINKEDIN, KAREN KIMBRO, KAREN, YOU KNOW, FOR KIMBRO, KAREN, YOU KNOW, FOR MOST OF THE PANDEMIC, PEOPLE MOST OF THE PANDEMIC, PEOPLE LOOKING FOR JOBS REALLY HAD LOOKING FOR JOBS REALLY HAD THE UPPER HAND . THE UPPER HAND . RIGHT? RIGHT? BUT THAT'S STARTING TO CHANGE. BUT THAT'S STARTING TO CHANGE. >> SO JUST TELL US WHAT YOU'VE >> SO JUST TELL US WHAT YOU'VE SEEN. SEEN. THAT'S RIGHT. THAT'S RIGHT. WE'RE SEEING A GRADUAL WE'RE SEEING A GRADUAL REBALANCING IN THE LABOR MARKET REBALANCING IN THE LABOR MARKET . . AND WE SEE THIS IN TERMS OF AND WE SEE THIS IN TERMS OF HIRING THAT'S SLOWING DOWN OVER HIRING THAT'S SLOWING DOWN OVER THE PAST YEAR OR SO. THE PAST YEAR OR SO. EMPLOYERS AREN'T HIRING AT THAT EMPLOYERS AREN'T HIRING AT THAT BREAKNECK SPEED THAT THEY WERE BREAKNECK SPEED THAT THEY WERE A COUPLE OF YEARS BACK . A COUPLE OF YEARS BACK . BUT AT THE SAME TIME, BUT AT THE SAME TIME, THEY'RE STILL PLENTY OF JOBS THEY'RE STILL PLENTY OF JOBS AVAILABLE, PARTICULARLY IN AVAILABLE, PARTICULARLY IN SOME OF THESE STRONGER SECTORS SOME OF THESE STRONGER SECTORS LIKE HEALTH CARE AND EDUCATION LIKE HEALTH CARE AND EDUCATION AND A LOT OF THE RETAIL AND A LOT OF THE RETAIL ACCOMMODATION SECTOR. ACCOMMODATION SECTOR. SO ALL ALL IN ALL, WE'RE SEEING SO ALL ALL IN ALL, WE'RE SEEING AN ECONOMY THAT IS STILL VERY AN ECONOMY THAT IS STILL VERY STRONG, A LABOR MARKET THAT STRONG, A LABOR MARKET THAT IS VERY RESILIENT, WHICH IS VERY RESILIENT, WHICH IS GREAT FOR THE AMERICAN IS GREAT FOR THE AMERICAN CONSUMER. CONSUMER. >> IF YOU'VE GOT A JOB, THAT >> IF YOU'VE GOT A JOB, THAT MEANS YOU CAN WORK AND YOU CAN MEANS YOU CAN WORK AND YOU CAN EARN. EARN. >> AND SO THAT DOES MEAN THAT >> AND SO THAT DOES MEAN THAT THERE IS A PATH TOWARDS A SOFT THERE IS A PATH TOWARDS A SOFT LANDING. LANDING. >> SO WHERE DO WE STAND >> SO WHERE DO WE STAND WITH REMOTE WORK? WITH REMOTE WORK? YOU THINK? YOU THINK? WHICH KIND OF WORKERS WHICH KIND OF WORKERS INDUSTRIES ARE BACK IN INDUSTRIES ARE BACK IN THE OFFICE AND IS THAT A GOOD THE OFFICE AND IS THAT A GOOD THING? THING? >> IT'S DEFINITELY THE CASE >> IT'S DEFINITELY THE CASE THAT EVERYBODY FELL IN LOVE THAT EVERYBODY FELL IN LOVE WITH THE FLEXIBILITY AT REMOTE WITH THE FLEXIBILITY AT REMOTE WORK PROVIDES ON OUR PLATFORM WORK PROVIDES ON OUR PLATFORM AT LINKEDIN, WE SEE THAT OVER AT LINKEDIN, WE SEE THAT OVER 50% OF THE APPLICATIONS THAT 50% OF THE APPLICATIONS THAT JOB SEEKERS MAKE GO TO JOBS JOB SEEKERS MAKE GO TO JOBS THAT ARE OFFERING REMOTE WORK. THAT ARE OFFERING REMOTE WORK. BUT WE WANT 50% OF THE JOBS IN BUT WE WANT 50% OF THE JOBS IN OUR PLATFORM ARE NOT REMOTE OUR PLATFORM ARE NOT REMOTE JOBS. JOBS. IT'S ONLY ABOUT ONE IN IT'S ONLY ABOUT ONE IN NINE JOBS. NINE JOBS. ONLY ABOUT 11% OF THE JOBS ARE ONLY ABOUT 11% OF THE JOBS ARE REMOTE, BUT EVERYONE HAS REMOTE, BUT EVERYONE HAS A PREPONDERANCE OF PREFERENCE A PREPONDERANCE OF PREFERENCE FOR THAT. FOR THAT. AND THAT'S BECAUSE GIVES AND THAT'S BECAUSE GIVES YOU THE FLEXIBILITY OF YOU THE FLEXIBILITY OF BALANCING ALL THE THINGS AT BALANCING ALL THE THINGS AT HOME WITH ALL OF THE WORK HOME WITH ALL OF THE WORK OBLIGATIONS. OBLIGATIONS. YOU CAN KIND OF HAVE YOU CAN KIND OF HAVE A LITTLE AUTONOMY TO FIGURE OUT A LITTLE AUTONOMY TO FIGURE OUT YOUR DAY OR YOUR WEEK. YOUR DAY OR YOUR WEEK. BUT THE TRUTH IS , EMPLOYERS BUT THE TRUTH IS , EMPLOYERS ARE NOW GRADUALLY PULLING ARE NOW GRADUALLY PULLING BACK ON THAT. BACK ON THAT. >> THEY WOULD LIKE TO SEE >> THEY WOULD LIKE TO SEE PEOPLE BACK IN THE OFFICE. PEOPLE BACK IN THE OFFICE. WE'RE SEEING AN UPSWING IN WE'RE SEEING AN UPSWING IN HYBRID WORK WHERE PEOPLE ARE HYBRID WORK WHERE PEOPLE ARE COMING IN THREE DAYS OUT OF COMING IN THREE DAYS OUT OF THE WEEK. THE WEEK. AND WE'RE SEEING A DECREASE IN AND WE'RE SEEING A DECREASE IN JOB OPENINGS THAT OFFER FULLY JOB OPENINGS THAT OFFER FULLY REMOTE WORK. REMOTE WORK. SO THERE'S DEFINITELY A TREND SO THERE'S DEFINITELY A TREND OF GETTING BACK INTO THE OFFICE OF GETTING BACK INTO THE OFFICE AND DEFINITELY A REGIONAL AND DEFINITELY A REGIONAL ASPECT TO IT. ASPECT TO IT. ON THE COAST, WE'RE SEEING ON THE COAST, WE'RE SEEING MORE PEOPLE WHO STILL HAVE MORE PEOPLE WHO STILL HAVE REMOTE WORK OPTIONS. REMOTE WORK OPTIONS. AND IN THE HEARTLAND AND THE AND IN THE HEARTLAND AND THE CENTER OF AMERICA, MORE PEOPLE CENTER OF AMERICA, MORE PEOPLE ARE KIND OF GETTING BACK INTO ARE KIND OF GETTING BACK INTO THE OFFICE. THE OFFICE. >> SO WHAT STATES ARE BEST FOR >> SO WHAT STATES ARE BEST FOR JOB HUNTERS RIGHT NOW? JOB HUNTERS RIGHT NOW? YOU THINK? YOU THINK? OH, THERE'S DEFINITELY OH, THERE'S DEFINITELY SOME STATES WHERE I WOULD SAY SOME STATES WHERE I WOULD SAY EMPLOYERS ARE MOTIVATED TO FIND EMPLOYERS ARE MOTIVATED TO FIND TALENT. TALENT. THINK ABOUT MICHIGAN, THINK ABOUT MICHIGAN, LOUISIANA, THESE ARE AREAS LOUISIANA, THESE ARE AREAS WHERE WE'RE LARGELY SEEING JUST WHERE WE'RE LARGELY SEEING JUST A LOT OF POWERFUL HUNTING FOR A LOT OF POWERFUL HUNTING FOR WORK. WORK. AND A LOT OF IT IS IN AND A LOT OF IT IS IN PARTICULAR SECTORS AS WELL. PARTICULAR SECTORS AS WELL. SO THINK AGAIN ABOUT EDUCATION, SO THINK AGAIN ABOUT EDUCATION, ABOUT HEALTH CARE, ENERGY ABOUT HEALTH CARE, ENERGY SECTOR ACCOMMODATION LIKE SECTOR ACCOMMODATION LIKE HOTELS, BECAUSE AMERICANS ARE HOTELS, BECAUSE AMERICANS ARE STILL TRAVELING, THEY'RE STILL STILL TRAVELING, THEY'RE STILL LOOKING FOR EXPERIENCES LOOKING FOR EXPERIENCES AND THEY'RE SPENDING. AND THEY'RE SPENDING. AND SO THOSE BUSINESSES ARE AND SO THOSE BUSINESSES ARE DOING VERY WELL. DOING VERY WELL. SO A LOT OF OPPORTUNITIES OUT SO A LOT OF OPPORTUNITIES OUT THERE, BUT IT IS TRUE THAT THERE, BUT IT IS TRUE THAT THE LABOR MARKET IS GRADUALLY THE LABOR MARKET IS GRADUALLY SOFTENING

This transcript has been automatically generated and may not be 100% accurate.

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