It’s pretty hard to have a Paycheck without a job, so we like to keep an eye on job numbers here. The recent report has some good news…and some head scratchers. It appears that both people AND money are on the move!
Here are Five Fast Facts on job numbers and migration:
- 🔢 The Numbers - At the end of May, there were 9.8 million open jobs across the country, down almost half a million from April. It’s the second fewest open jobs in over two years.
- 💨 The Quits - What’s really interesting? During that same window of time the amount of people quitting their jobs rose by 250k, to 4 million total!!! Government/Bank officials are always trying to make the number of quitters go DOWN because they want to bring a better balance to the worker/employer tug-of-war going on right now. You see, right now workers have leverage – and hopefully that will help slow inflation through wage increases and job stabilization. Less quitters = more stability and better wages (so they say).
- 👪 The People Migration - Another interesting phenomenon is the migration of money. For the first time since they started tracking it in the 1990s, the South is producing more of the country’s GDP than the Northeast. It started in the pandemic and hasn’t stopped since. Is the prophecy true? The South Rising again?!?!😱😜
- 💸 The Money Migration - Loads of people and businesses have been leaving the Northeast and California and heading South toward States like Florida, Texas, and Georgia. About $100 billion in income has moved to the South in the last couple years while the Northeast has lost $60 billion. Ten of the 15 fastest-growing cities are in the South, and the South has seen ⅔ of the job growth in the entire country since 2020.
- 🗳️ The Political Migration - This movement of money and people is also motivating people to move for political reasons more than ever before. One party controls the legislature in 48 states, and in only 10 states is there a governor of a different party than the legislature's majority. It’s not scientific, but real estate agents are reporting a much higher frequency of homebuyers looking specifically for like-minded neighborhoods or cities. Birds of a feather flock together, right?
🔥Bottom line: The trends are pretty clear - workers are still looking for better jobs, but are doing so in places that are more politically aligned to their own preferences. That’s causing a major shift in the country, as people are essentially self-segregating.
Do you think this trend will continue?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
