The labor market is focus with fresh economic data set to be released later this week. ZipRecruiter chief economist Julia Pollak joins Josh Lipton on Asking for a Trend to check in on the labor market.
"We have actually seen quite a rebound both in job seeker sentiment and in the sentiment among newly hired workers in just the last month. So, there is definitely cautious optimism in the air," Pollak says, crediting this positive sentiment shift to avoiding a recession, a less significant slowdown in the labor market, and positive growth in the stock market.
"There is an anticipation among employers and among job seekers that we might see those gains [seen in the stock market] in the labor market, too, and not just in a couple of places, but that the whole labor market might get a lift."
The economist says "The most important labor market trend at the moment is how narrowly distributed the job gains are." She explains, "More than 100% of the job gains in the last quarter came from just four sectors that are less than half of the workers in America. The other half of the labor market was flat or negative. And that is why there are still so many job seekers who are struggling, especially among white collar, new grads, and people looking for entry-level jobs."
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Watch the video above for more from Pollak about wage growth and her expectations for the November jobs report.
To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
This post was written by Naomi Buchanan.