St Louis Mortgage: Businesses Still Not Hiring

St Louis Mortgage and Real Estate News –

St Louis Finance News: Why Companies Are Not Hiring
Home Mortgage and Commercial Loans | Principal Reduction
877-334-0210 or 314-334-0210 | Floyd Tapia

Productivity is slowing at a much quicker pace than expected. Consider the following statistics just released.

After growing last year at an average annual rate of 6.2 percent as measured by output per worker, productivity slowed during the first three months of this year and fell by 1.8 percent the following quarter ending in June, the U.S. Labor Department reported.

The drop, to some economists, signaled that perhaps companies have maxed out their slim line of workers.

Even for lean companies, there might not be substantial hiring anytime soon because of the many “unknowns” in the economy, says Sean Snaith, economist and director of University of Central Florida’s Institute for Economic Competitiveness.

For one, it’s still unclear how much health care reform legislation, which Congress passed earlier this year, could end up costing employers. Also, it remains to be seen what percentage of income will go toward taxes next year.

The Obama administration’s attacks on business haven’t helped dispel the uncertainty.

“When you don’t have all those answers and you don’t have tremendous growth and demand, there just isn’t the urgency to hire more,” Snaith says.

He continues: “Even if you’re on the cusp of hiring, these unknown factors might be keeping folks from pulling the trigger.”

During the early part of an economic recovery, it’s typical for productivity to rise. Business tends to pick up faster than employers can add workers.

And it’s also typical to then see those gains fall some as hiring ramps up.

But the latest drop in productivity was particularly surprising. Economists say it could be read another way: During the second quarter, hours employees worked increased 3.5 percent, outpacing the rise in output of only 1.6 percent.

This could mean that companies earlier this year hired more workers on the expectation that GDP would continue to rise, but the economy has slowed since the first quarter as stimulus spending fades.

If that’s the case, the fall in productivity is more worrying news for job seekers. Executives probably won’t ramp up hiring significantly unless the economy continues to grow.

Snaith concludes: “Companies can get away with pausing because the pace of the recovery is pretty slow and demand has been pretty weak.”

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