The December employment numbers are out. They reveal a story that should make most Americans giddy.
But you’ll have to excuse senior living operators if they seem less than enthused about the goings-on. It’s not that operators don’t want people to be employed. It’s just that this kind of news tends to make their jobs more difficult.
Wall Street and the White House quickly lauded Labor Department figures revealing that December saw the most hires in 10 months. In all, nonfarm payrolls were up by 312,000, far above expectations. And it wasn’t just a case of healthcare to the rescue. Gains were reported in every industry save the information sector. For the year, our economy created 2.6 million jobs. Hourly earnings rose 11 cents an hour (or 0.4%) on average in December, lifting the annual increase to 3.2%.
In the grand scheme, the timing hardly could have been better. The job gains helped counter growing concerns that the economy might be slowing down and recession bound. So that’s great news, right?
Well, maybe it’s not so great if you are running a senior living organization. Especially if you already are grappling with high turnover rates. In that case, it sure looks like finding and keeping the best possible talent is about to get that much more challenging.
Plus there’s this little sweetener: The robust employment numbers mean the Federal Reserve is probably going to keep raising interest rates for the year. Guess what that means if you need a loan for a renovation or remodel? That’s right: you’ll be paying more.
With good news like this …