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Mazzei Minute: 05/31/24

The job market has changed significantly. More and more, small business owners like me want their teammates in the office to interact and collaborate together at a high level as we pursue excellence for our clients.

The USA Today reports that remote and hybrid jobs paying at least $250,000 annually have plummeted by 95% and 60% respectively. Jamie Dimon, the world class CEO of JP Morgan told the Economist last July: “I completely understand why someone doesn’t want to commute an hour and a half every day, totally got it. Doesn’t mean they have to have a job here either.”

New college graduates are having a tougher time finding that first job as well. My son just graduated from college, and he and his schoolmates tell me the key to finding a job this year is very aggressive phone & email work to find that right connection. The Wall Street Journal has a lifestyle story this week, which describes 983 applying online for one job recently posted by a tech recruiter.

Employers are calling the shots as the economy is slowing and more companies are watching their bottom line. If you take out the seven mega stocks of the S&P 500 like Apple, Microsoft and Nvidia, the other 493 companies experienced a 5% decline in profits the previous quarter.

The Federal Reserve can look at the softening job market as a sign of progress with their fight against inflation, but the risk of leaving interest rates too high for too long could eventually hurt job seekers even more. 

Whoever wins the presidential election must focus on pro-growth policies like lower taxes, less regulation and more drilling for lower energy prices. Inflation will come down, and profits will rise. That’s what our next wave of job applicants need.


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