TLDR: “Workers aren't staying at their shit jobs enough. This contributes to inflation and shows no sign of slowing. Because of this, we're (Fed) going to force businesses to stop hiring so much by raising interest rates to hurt their business growth, revenue, and profits. We will do this until they stop hiring, so workers can't be so picky about where they work and how much they're paid.”
Brothers, sisters, people, of all political ideologies. If you are workers, you are in the general strike right now. You have dealt a blow by increasingly not putting up with shit and demanding what you deserve. But it was not a death blow.
The elite are bringing reinforcements. Look out!
What can you do? Do. Not. Pick. Up. The. Slack.
If your employer freezes hiring, do not work 2+ jobs for the price of 1.
We all know how it goes. 1 person quits, employer pockets that 1 person's salary, but that employer still expects that 1 person's work to be done. Who does it? The people who didn't quit. You.
Don't do it this time.
We have come to bargain.
They can have a stable labor market in exchange for stable living conditions for all.
According to the consensus view of economists and analysts, shocks to commodities, supply chain issues, and the red hot (and very tight) labor market are all keeping inflation high and unpleasant. But it's the labor market that appears hardest to vanquish*.*
While supply-chain problems and big price shocks have been easing, “we see no such let-up when it comes to labor cost pressure,” Bank of America's global economist Ethan S. Harris pointed out. Employers can't find people to fill open positions, tons of people are changing jobs, and “looking ahead there is no sign of stabilization.”
In Colas's view, the only way to get stabilize inflation is to use the monetary policy hammer to hit stock prices.
“The Fed’s goal is to convince corporate America to enact a short-term hiring freeze, and it will keep raising rates and talking about aggressive monetary policy until that happens*,*” Colas wrote. “Lower stock prices are his way of convincing C-suites and boards to do that.”
The Fed's 'blunt force tool of rate policy'
Powell has been focused on the ratio between job openings versus unemployed workers and the core personal consumption expenditures price index, which measures inflation.
“Chair Powell mentioned the ratio several times at last Wednesday’s press conference,” said Colas, who said job postings need to drop from 11.5 million to around 8 million to get to normalcy.
The only way to get there would be some sort of freeze from companies.