0:02 hello and welcome to people making money I'm your host Kevin bemel and we're here every Wednesday at 10: a.m. Pacific time to talk about Business and Professional matters as building your career as well as Building Wealth and today we're having our monthly economic Echoes so there's so much information that comes out about the economy but it's all done on a national basis and none of us we all of course live in
0:37 the country but no one none of us experiences life as if we lived in the entire country we live in our specific location and so how prices change how employment trends work differ from location to location County to County state to state and so we need to dig down into the data in order to understand why our life seems to be going in the way that it's going especially if it's different than
1:14 what other people say they're experiencing or what we're being told uh we should be experiencing I I guess is the the you know sort of simple way to put it so I'm going to go through a number of statistics so that you can see how this may affect you you can and and all of these links by the way will be in the show notes after the show posts on um on YouTube and so you can take really you don't need to spend more than about 15
1:49 or 20 minutes going through for your own location to see what's going on now I live in Los Angeles California I'm I'm laughing because I was in a meeting this morning and there were two of us from Southern California one from kind of my hometown Santa Barbara and then me and then the rest were from Texas and one was from Atlanta and they they were saying rather you know un unkind things about our state but uh uh you know it it it is what it is unfortunately the business climate here
2:24 isn't uh as as as good as it is in other states so but but I use my location as an example um but but you know what you want to do obviously is is look at your own okay so let's go ahead and start I always start with um what's called the Consumer Price Index I'm going to bring this up okay so here you go and you can see that the Consumer Price this this is a consumer price index for the entire country and
3:01 and you've you've probably heard this in the news the Consumer Price Index uh for uh July is was 2.9% okay uh consumer price index for food 2.2% for energy 1.1% and so thus for all other items okay um it was 3.2% so right away you can see that uh you know if if for example you live in a place where you don't have a
3:37 lot of energy consumption so the fact that the the the cost of energy went up so little relative to other other expenses uh you know would mean that you might be experiencing higher inflation than other people so let's let's drill down into some of these let's look at Food okay so food home only went up by 1.1% but food away from home went up over 4% so if you eat out at restaurants or
4:12 you order takeout all of those you know all of those outside of Home type food so you can see again you would have experienced a larger increase in prices last month than someone frankly like me who rarely eats out I I eat at home that's one of the benefits of keeping kosher is there's not a lot of um there's not a lot of um um restaurants that I can eat at and and frankly they they are expensive and so I you know I really
4:48 don't eat out that often now let's see if I can get this well see let's see if doesn't want to go back so let's let's do this is that going to take us back yeah there we go okay now let's go look at energy okay so energy Commodities actually went down by 2% now energy Commodities would be things like gasoline okay whereas Energy Services went up by over 4% so let's look at what Energy Services are okay so electricity went up almost
5:24 5% right so you know if you have an all electric home versus like my house in my house um I have a gas range that only went up a percent and a half and but I have an electric oven that you know so electricity went up 5 per. so again depending on what energy you use that will change what you experience in terms of inflation okay now let's look at Major categories okay so again Commodities went down by almost 2% but services aside from energy went up
6:02 almost 5% okay so let's look at what what are you talking about okay shelter housing went up over 5% Medical Care went up by over 3% transportation services almost %. okay so again depending on how you used goods and services your personal experience of inflation will be very very different than you know the national average of 2.9% all right now let's look at um
6:38 let's look at the state byst state inflation and here we go [Music] CPI consumer okay here we go Consumer Price Index Los Angeles all right so the Consumer Price and and and in this case I'm looking at Los Angeles so if you know all you need to do for your area is Google Consumer Price Index and
7:13 then where you're at Seattle Omaha uh Columbus Ohio whatever it is okay so here in uh Los Angeles okay our overall inflation rate was higher it was looks like about 3.4% oh here you go um prices were up 3.4% from a year ago okay and um all items out except for uh food and energy
7:49 went up it looks like over 4% okay so let's see do they quote that here yeah okay yeah they don't they don't quote that um so food prices went up 2.2% Energy prices actually fell 3.8% largely the result of a decrease in price of gasoline oh here you go the index for all items less food and energy went up 4.2% so here in Los Angeles the cost of living went up
8:24 more than than the the country as a whole which means we're experiencing higher inflation okay so this is this is an important distinction because again I'm not you know I who live in Los Angeles right I'm not buying you know electricity from you know Columbus Ohio where my friend lives I'm buying it here in La um I'm not buying food from Miami Florida right and and so um you can see if we come down here
8:59 okay okay here's here's the um overall inflation rate so Los Angeles well it's come it was coming it dropped from 3.9 to 3.2% now it's back up again for July okay so and we've been experiencing higher than the national average inflation uh for you know B basically the whole time um so so you can see um how how things have been for us locally here in in in California here in Los Angeles specifically okay and by the by
9:34 the way it's not just Los Angeles it's Los Angeles Long Beach and Anaheim so that's typically what you'll see is there it's hard to get down to you know like your precise neighborhood that you won't get um but but you can at least get closer to to you know where you're at outside of the national average okay so so again uh in in my location I'm experiencing higher inflation than than most and and that that would you know match my personal experience as well
10:10 okay so next let's look at let's look at here we go uh uh yeah okay let's look at current and real earnings okay so this this again we're looking first at this nationally so um earnings went up by a penny an hour from $118 cents in June to
10:48 $11.19 in July okay that that is a a percent change of a tenth of a percent okay now interesting enough average weekly earnings actually went down by. 2% okay but I mean if you look at this overall you see that for all intents and purposes uh um earnings essentially stayed the same from last month okay so if we look at um average weekly earnings
11:24 $1,006 they went down slightly to $1,199 39 I mean we're talking about a difference of what 61 7177 cents I mean you know we're really going to notice that you know it went down by a tenth for the most part it it it basically stayed even okay now year over-year change okay so onee change on an hourly basis it went up 7% so about a percent okay um and um real average earn
11:59 earnings um went up three 2.9% okay so these These are these are in in constant dollars okay so what that means is that um they are um they're uh based on they're they're adjusted for inflation I'll just describe it that way okay so so earnings have gone up um year-over-year okay about um about 3% um which overall is a good thing um
12:35 but but you know most recently um they've been they've been pretty flat that's that's nationally okay now let's go back and let's look at okay okay now this is this is uh personal income now uh state by state okay and uh what you see here let's see if I can make this bigger there you go let's see make sure make sure yeah okay
13:11 good uh so what you're seeing here is um oh they still are okay we've looked at these figures before they still haven't updated them beyond the the first quarter um so they still haven't done second quarter numbers so I'm not going to go through this again because we talked about this uh last month um but but you can just just reviewing real real quickly the darker the um uh the color um the the greater the uh P the percentage change in personal income so
13:46 um people in in the west here in the southwest um and in the Southeast in general did the best people in the Midwest and the northern Mountain States uh you know did did the work in terms of uh personal income increases okay and next we are going to look at civilian unemployment
14:21 okay all right so civilian unemployment notice that it's trending up so in July total unemployment was 4.3% okay versus June where it was 4.1 and let's go to the beginning of the year January it was 3.7 okay and the lowest was around three looks like it was about 3.4% so it's gone up almost an entire percentage Point since its low Point um
14:58 back in April of last year okay so it's gone up a little it's gone up of a percent in a little over a year this is the total now let's break it down first of all for men 20 years and older okay their unemployment rate is lower than the average 4% okay women 20 and older their their unemployment rate is 3.8% okay why is the overall rate higher it's because teenagers employment rate is at at 12.1% that's actually that is down a little bit from from June of
15:35 12.1% it's still high but that's it's typical for for teenagers uh the the the key thing is you see that it dropped in July so as the summer uh oh I'm sorry it's gone up I I take that back so it's it's actually gone in June it was 12.1% um and in July it went up to 12.4% so um maybe that's you know kids quitting their jobs getting ready for to to go back to school okay now looking at it demographically by race okay so the unemployment rate for for whites
16:11 3.8% okay black or African-Americans it's at 6.3% which is on par with last month but that's still up from May um but it's roughly on par with March okay get these two okay Asians okay um their unemployment rate went down they had they had um bumped up to 4.1% last month which was a big increase from May that went up an entire point from May to June now it's gone back down a little bit to
16:46 3.7 okay and then uh finally for Hispanic or Latino okay the unemployment rate is 4.9% that's slightly lower oh wait let's see where where's June there we go okay so 4.9 in June oh July sorry it's 5.3% so it increased you know fairly significantly um from going from June to July so this again this is for the this is looking at it on a on a national level all right now let's look at
17:23 unemployment by state okay it's it's difficult to get on employment figures for um you know for a like a city like Los Angeles okay but we we can look at it by State and this is continuing a trend you're seeing South Dakota number one at 2% uh Vermont North Dakota New Hampshire Nebraska okay these these states and into the southeast have the lowest unemployment rates Okay so uh see 5 6 7
18:00 8 9 10 so so 11 12 13 so 13 states roughly a quarter of states have an unemployment rate below 3% okay now let's look at the other end of the scale okay the highest unemployment rate is the District of Colombia which is which is interesting because as as you'll see in a moment uh the areas of employment that are expanding are are primarily government connected okay um but the states with the highest unemployment rates uh Nevada Illinois California
18:36 Washington New Jersey and then for some reason Kentucky is is is kind of an outlier here uh it's it's a you know southeastern state although it's kind of a northern southeastern state or what we might call a border state okay and then into uh Rhode Island Ohio um and Alaska so 5051 49 48 47 46 45 44 43 42 41 okay so um you know for States over 4% um it looks like 1 two three four
19:11 five 6 7 8 9 10 11 12 13 14 15 16 so roughly a third of states have an unemployment rate over 4% and they are kind of spread out over the over the country but um you know they they are states um that in general um don't have um particularly uh favorable business climates that's why you see Illinois California Washington New Jersey uh
19:46 Rhode Island these are states that that do not have robust um business environments now you might say well wait isn't Texas a great place to do business well it is that's true um a lot of people are moving to Texas and so it could be because they get such a big influx of people that keeps their their state unemployment rate high but for the rest of these New York Michigan um even Ohio these are states that don't have particularly good business climates and so you can see how that affects unemployment now on the other end the
20:21 other state that's known for having a particularly good business climate Florida is at at 3.3% okay and at 3.3% so you know that is significantly lower than the national average at 4.3% okay so um the national average Falls in you know right right here where where New York is so indeed Most states are at or below the national average um but the states that are at the national average or above tend to have not
20:57 particularly good uh business climates all right so so you can see how policy not just at the national level but at the state level really impacts your your job prospects okay now when I say by the way um policies that aren't favorable uh you know from a business standpoint I I'm I'm generally I'm talking about uh the regulatory regime I'm talking about uh fcal policy taxation spending um but but
21:32 also U and it's not just on the state level it can be on the local level as well so uh sales tax um costs um property tax costs um and property taxes normal generally are levied at the county level um some states like California the rate is set at the state level but Counties have the ability to increase through what are called special assessments so all of these all of these policies have an impact on the business
22:07 climate for a state especially the regulatory policies okay so in the meeting I mentioned uh earlier where I I was I was there with uh you know colleagues from uh Texas and Atlanta one of the fellows from Texas mentioned that um that to you know for to be I'm what's called a professional fiduciary or an independent trustee so there are states where how the trustee H sorry how a trust is taxed is tied to where the
22:43 trustee is domiciled not where the trust or the beneficiaries are domiciled now here in California that that's a competitive disadvantage for me because our taxes are so high so somebody in Texas for example or somebody in South Dakota is unlikely hire me to be their trustee because they'll go from it's I I well South Dakota for sure has no income tax they would go from not having an income tax to potentially having an income tax on
23:21 income to the trust okay and that's that's a huge expense here in California pretty quickly gets up to over % right and so it's the reality of living in California um but you know it puts it puts people in my business in California at a competitive Advantage um and the same is true of a number of business items um that we deal with here in California so now and I and I'm I'm not saying this to be political it it's just it these are the facts of of the of the situation now you know you could argue
23:57 it doesn't matter that's a good thing or whatever that's that's a that's a discussion to have over bourbon um but let's at least acknowledge what the situation is right so um that's what I mean when I talk about uh the business climate Okay so next let's look at the civilian labor force participation rate and here we go Okay so um in May it was 6 point 62.5% in June
24:34 62.6 in July it went up to 62.7 so a tenth of a percent higher which means and what that means is more people are entering the workforce okay so when we talked about the civilian unemployment rate going up from 4.1 to 4.3% in July one of the reasons that's the case is more people have come into the workforce okay so overall that's a good thing but you'll notice that even at
25:09 62.7% we're still below where we were right before covid hit so February of 2020 the civilian work labor participation rate was 63.5% we're still over a half a percent behind that okay and going back 20 years this the labor participation rate was over 66% okay so we are more than three we're about three and a half perent below that now why is that important because the more people who are working the more productivity we're generating in the
25:45 country and the more we increase our gross domestic product all of these things are tied together okay so this is this is the average for all people now let's let's look at the breakdown demographically okay so the labor force participation rate by men 20 years and older 70.5% this month which is just you know slightly above June okay that's that's for men and for women it went from 58.6 to 58.9 so the
26:20 was there was a larger percentage increase uh by women over 20 entering the workforce and then let's add to that the teenage um labor force participation rate okay it went down to 36.4% from 37.4% so it went down a whole percentage Point again we and we saw that unemployment among uh teenagers went up and so why would unemployment excuse me go up at the same time the labor force participation rate
26:55 went down what that means is the the the number of jobs for teenagers has dropped more than the number of teenagers who who have given up looking for work or who have stopped looking for work because they're going back to school okay that's essentially what that means um all right so let's now let's look um oops let's look by okay well what do I got I got to get rid of this one okay now let's look by race okay so the white labor force participation rate
27:33 62.3% that's up slightly from 62 um from 62.2% okay for uh blacks or African-Americans the labor force participation rate went up to 63.2% from 62.7% so it went up half a percent and you notice that the labor force participation rate for blacks um is higher than it is for whites okay and and and and it has been that way for for a couple of years okay that's that's a that's a good sign okay for Asians the
28:09 labor force participation rate went from 65.9% in June to 65.7% so it did go down a little bit not not a big change okay but obviously much higher than it is for whites and blacks or African-Americans and finally um perennially the top labor force participation rate is uh Hispanics or Latinos at 67.3% which is down slightly from uh I think it was 67.5% last month so and and this is
28:46 typically how it Stacks up with Latinos having the highest rate you can see that's the case historically um Asians typically having the second highest rate and then you know blacks and whites kind of going uh back and forth okay so again this is looking at it from the national perspective now let's look at the labor the employment oh okay I don't have the labor force participation rate by state those those figures just are are are not published um and updated on on a regular basis so we're going to
29:23 skip that now let's look at employment by industry okay and okay this is this is viewed from a national standpoint okay now here let's bring this down so you can see it okay and as has typically been the case Okay the two of the largest gains in employment have been in education and health which is primarily driven by government spending okay and by government itself okay so there was a net change of 177,000 jobs in government
30:02 okay um for an increase of 0.1% there was a net change of 57,000 jobs in private education and Health Services that that's an increase of 0.2% now um let's just let's just look Beyond these if we you'll see this will break it down so you can see that right now local and state governments are driving the increase in uh in in uh government employment increases okay federal government was was actually relatively small a thousand
30:38 new jobs okay let's go back to gonna give me pre oh nope what happened here uh okay there we go this is back to the oh no I want the one month oh huh it doesn't want to no that's weird it doesn't want to let me uh go back let's see click on bars just scroll down why isn't it letting me
31:13 go back let's see employment by industry go nope employment by industry monthly that's what we want go there we go okay sorry about that okay so um and then let's look at U um public education and health okay so notice um private Educational Services actually declined um by 7200 jobs healthc care went up by 55,000 jobs and social assistance went up by 9,000 jobs
31:49 and that's what I mean by these changes are being driven by um essentially government spending okay now let's look at where the private sector is is seeing uh job growth and that's in Leisure and Hospitality construction and transportation and warehousing okay so construction saw 25,000 new jobs uh transportation and warehousing 14,000 Leisure and Hospitality 23,000 okay so if you're in construction
32:24 times are good okay and you can see all sectors of construction went up but most the biggest increase was by specialty trade contractors let's look at what they mean by this oh okay they just broke it down by residential and non-residential do they break this down farther nope they don't okay so um so but you can see that the specialty trade contractors plumbers electricians that sort of thing okay um heavy and civil engineering uh construction almost 3,00 ,000 jobs construction of buildings uh 3
33:01 3,700 new jobs okay so pretty robust hiring in construction okay um and then in Leisure and Hospitality so accommodation and Food Services went up by 25,600 jobs but Arts entertainment and Recreation actually declined by 3,000 jobs right so Leisure and hospitality the two sectors are going in different directions let's look at these more directly so Performing Arts spectator sports that kind of stuff went down
33:36 museums went up but amusement parks gambling went down the most okay so these kind of activities and and this this makes sense because people are are tight for money and so they're not doing these kind of recreational activities including gambling okay let's this going to take us back great okay so then let's look at accommodation food services so both of those went up okay so when people have Leisure dollars they're spending it on food and travel as
34:11 opposed to amusement parks gambling that kind of thing okay and last transportation and warehousing so it's kind of a mixed bag you can see several sectors went down several went up several were essentially unchanged you know they lost lost 200 jobs they gained oh okay zero jobs here they gained 300 jobs here they gained 500 jobs you can see so air transportation lost 1,200 Transit and ground transportation almost 11,000 truck transportation went down
34:46 2500 so where are they increasing in warehousing and storage almost 11,000 new jobs couriers and Messengers almost 11,000 support activities for transportation six over 6,000 new jobs and okay so it does it doesn't go into more detail on that unfortunately but you can see that um Transit and ground passenger transp Transportation went down okay and um uh truck transportation also went down not a good sign for the economy because it means that less goods are being
35:23 transported okay um you can see Scenic and sightseing was just went up slightly um rail Transportation went down slightly so even though people are uh spending um more money on um accommodations and food it looks like what they're doing is they're doing what so-called stations where they where they stay well actually here let's look at this see um well yeah they're they're doing stations or they're just you know they're spending more more money on
35:58 eating out and that's kind of their you know recreational um activity okay yeah oh okay we're good now um let's look at one a couple of that have lost um employment significantly so the information sector has lost employment quite a bit look at this Motion Pictures lost 3500 publishing almost 6,000 uh broadcasting 1600s telecommunic ations for computer Computing infrastructure and uh data processing
36:33 2600 and information uh 2500 so all sectors of information have declined in employment decline in employment last month if you're in that sector that's you know something to consider why is that happening okay and and what are you going to do about it okay now I'm G we'll look at the one-year figures in just a moment okay that was the the real big loser the other is in financial activities so finance and insurance big big drop okay people don't have a lot of
37:08 spare income so their activities in investing and buying Insurance have declined and Rental uh real estate and rental and leasing also drop by almost a thousand jobs again PE people are doing less investing they just don't have the additional income to do that and so um you know that's that's that's why we're seeing declines in those um in those sectors of in those Industries now let's compare this chat this chart sorry which is the one month view for July with the
37:43 12mon view okay and you can see fairly consistent okay the government sectors um basically have added a million and a half jobs okay and construction has added about 240,000 jobs over the last year June uh August of last year through July of this year okay those are the big Winners uh in in the government sector uh I mean sorry the big winners in the government sector and the private sector construction and Leisure and Hospitality where there's about 300,000 new jobs okay the rest
38:20 hasn't been a whole lot and for the year Information Services jobs uh declined um although business and uh professional and business services actually year-over-year did increase which which is which is good okay so that's what we're seeing on the national picture next the national picture but also you know by um by sector which is which is important um you know for us depending on what kind of work we do okay industry employment by
38:56 state okay so um here is um you know the states with the largest uh workforces shouldn't be much of a surprise they're the states with the largest populations okay so total non-farm employment in California over 18 million in Texas over 14 in Florida almost 10 million um North Carolina five Illinois six Ohio 5.6 Etc okay now let's look at various sectors
39:31 so we'll look at um education and Health Services first okay so you know again pretty robust in in this in in generally speaking in the same States okay and in terms of government again the map doesn't change too much so the largest states also tend to have the largest government employment okay and it's interestingly enough um well it's it's it really goes by the size of the state okay now looking at areas that had the
40:06 largest increases in private sector employment so construction okay pretty much follows the national average and again the same is true for leisure and Hospitality so on a state level industry employment tends to follow the national this the national picture so what we were doing a few minutes ago and looking at sectors and where they were growing and by how much that's pretty much playing out across state by state as
40:41 well okay so um not a lot of of new individual uh individualized information for us to pick up there all right now let's look at job openings okay this is going to be um the the I think yeah this is going to be the last um uh factor that we look at okay and first of all we're going to look at we're going to look at it on the national level okay so these are job openings um and you'll see down here you
41:16 you see Regional we're going to look at the state level so I'm not going to really focus on that but you know where are there the most job openings um well um there's been an in increase in in government job openings uh overall of two 0 2% okay so um the reason it it's it's it's almost zero is federal job openings have declined by almost 2% while um state and local government uh job openings have increased by almost
41:51 well by over 2% by by 2.1% hence a net 0.2% okay um in terms of public education and Health Services okay overall those have decreased by -3% but notice wait let's see here we go Health and Social okay so um okay so overall um job openings have decreased by 3% in health care and social services so um that that sect you know going from May to June um there there a drop now that
42:28 can that can be a good thing um because you know these represent costs uh in terms of tax outlays so if the job openings are shrinking that means there's less of a chance um overall that these kinds of positions that require taxpayer funding um you know are increasing okay now for Construction Construction the um went down almost 1% from May to June 8% so even though there was a big job increase
43:05 um from from going from May to going from June to July you can see job openings declined what that means what that would tend to mean is um that uh as we go forward we're like we're we're likely to see uh you know less of an increase in in that sector okay and then the other one that saw a big increase was uh trade Transportation utilities okay that went up by half a percent okay primarily in wholesale tra well I yeah wholesale trade and transport okay so
43:42 here's Transportation warehousing and utilities went up 7% That's really where the you know where the big big numbers are okay now the opposite is information information uh job openings dropped by 7% so that's good because since there were such large job losses the fact that openings are going down means that that market should stabilize okay um and let's see what was the other one uh Leisure and Hospitality okay you saw a half a percent increase
44:20 in job openings that was due primarily well no that was due exclusively to growth in accommodation and Food Services because the um the change in arts and entertainment and Recreation actually went down by um 6% okay so so you can see um how job openings are trending now unfortunately job openings are reported a month later than um than uh um employment change by
44:55 industry sector so we have to kind of triangulate a little bit um but in general I mean first of all in in a generally good economy right there's there's increasing job openings and job opportunities so what we see here is overall job openings were unchanged from May to June and we're up only slightly from April okay so that would tend to show that the economy you know there it the economy is slowing down employers
45:31 are not overall they are not looking to hire um you know you know ever more people okay it's only when we get down into the numbers though that we see you know which Industries uh or which which sectors which Industries are you know seeing increases versus decreases okay and this is a good number here to see um to see federal government jobs declining almost 2% is is a good thing um you know going forward okay so then let's look at
46:06 this now on a state by state basis this is going to be the last chart we look at State openings okay so job openings um state by state now um so Mont Montana has the most or among the most 6.1% in Montana uh Colorado 5.9 New Mexico 5.7 Arizona 5.7 Alaska 7.2 I think Alaska gets the crown right Arkansas 5.7 Kentucky 6.7
46:44 6.3 for West Virginia South Carolina 5.9 so they have the largest number of jobs okay um Texas which is a growing state is is just kind of well it's kind of in the middle 5.3% Florida 4.7% it's on the lower end okay as is you North Carolina is at 4.3% North Dakota which you recall had the lowest unemployment rate has on has kind of in the mid-range of job openings 5.1 um and South Dakota also 5.1 the the
47:21 states with the lowest job openings are here in the Midwest 4.2 4.4 4 point6 4.1 4.4 4.1 but also California 3.6 and Nevada 4.5 now what does this all mean well presumably the states with the highest number of job openings one of two things is going on right either they have Workforce shortages okay or they have growing economies okay so um Alaska I I I don't
47:57 know specifically this would be something for you to look at if you live in Alaska okay they have the highest at 7.2 either Alaska is really growing and and which I'm you know aside from the u oil and gas industry in Alaska I don't know what else would really be growing there or they just don't have enough workers which is probably the case there in Montana on the flip side is their economy is probably growing and so that's why you're seeing such a high percentage of job openings there okay um
48:33 and okay so then let's just look at now California okay yeah it doesn't that just that doesn't unfortunately won't give us more detail but California with 3.6% job opening so um you know again that California the economy is not doing particularly well here and so you just don't have a lot of job openings because employers are not Staffing up okay and um in in a place like West Virginia 6.3% that's that's um uh you know that's probably due um to a mismatch between
49:13 the jobs that are open and the skills and experience that the workforce has that's another issue there so as you look at these we have to think about you know why why does a why do particular states have different levels of percentage job openings okay and that's something to think about as you consider oh gosh I'm sorry I forgot to turn this on that was that was bad on me okay so go through this again real quickly so you can see um the states with the highest percentage of job openings are in the dark green in the lowest they're in the light green okay and I was just
49:49 talking about West Virginia there's a mismatch there between I I I think between the skills and experience that the workforce has and the jobs that are opening open um versus a state like California where the business of climate is is not particularly good and so there's not a lot of a lot of employers are not you know Staffing up okay so it's different factors like that that impact the local uh job Force picture so what does all of this mean for you as you look at the now we spent um you know
50:24 50 minutes going through those various charts but you won't have to do that because you can Target in on your specific situation so you can do it in a half or a third of the time that I just took so the question is once you get the VAR once you get the various data points what do you do with it and and you do just what I was doing a minute ago you figure out why are the data points what they are so if you're I'm going to take West Virginia just because that that's kind of top of mine in West Virginia where six there's
50:59 6.3% job openings right why is it so high so I mentioned there there's there's a a mismatch between potentially a mismatch between the jobs that are available versus the skill set that people have if that's the case and you live in West Virginia so then that would be an indication that maybe you need to look into getting some additional job training or seeing how you can repurpose your skills into a different industry so I I'll I'll give you the most um Vivid
51:35 example of this because I was talking to a fellow last week who uh is um in the marine or was in the Marine Corps and now he's in the civilian uh workplace and he was saying how you know he was a Marine Corps guy he was an infantryman and and so you know the skills he got out of the Marine Corps weren't really appropriate to the um civilian job market because you know most employers don't need guys who who know how to shoot a rifle right and and this is a really common perspective for people who
52:12 are transitioning Industries in this case military to civilian and I pointed out to him that the leadership skills the people skills the organizational skills all of those that he learned in the the Marine Corps are extremely valuable for a lot of different employers so it wasn't so much that he needed job training it's he needed to be able to reconceptualize his skills his abilities his experience his
52:47 knowledge so that he could open up his aperture in terms of what industries might be might be available to him to look for a job okay I had another conversation earlier this week with a a fellow who's a sailor he was an Information Specialist it's basically he's in Intel that that's what he does and his his view of what he could do was fairly narrow and so one of the things we talked about was how could he widen the scope by understanding how he could
53:24 use his knowledge skill and experience differently than how he had used them in the military where he's doing you know primarily threat assessment and that sort of thing one of the things I mentioned to him was there's a lot of intelligence gathering in the business world and in you know among uh Financial companies and that kind of thing so they're they're not they're not literally um you know looking into threats like physical threats but they're looking at at so-called you know economic threats so you know what could happen that could
53:59 change the price of of Commodities and those kind of things and so that you know that would open up opportunity to him to repurpose his skills into an area where there might be not not necessarily more opportunity but an opportunity opportunity that's more interesting to him and would give him greater longev longevity in his civilian career so these are all the on the employment side those are the kind of things I would encourage you to think about on on the pricing side Consumer Price Index right
54:37 so how our individual purchases are really what Drive whether we're experiencing inflation or not so as you look at the various inflation figures right drill down into them and and think about you know what do what do I buy right am I are you a foodie like me and so you know food looms larger in your budget um than other things or are you really into entertainment and movies and that kind of stuff right so as you look at your personal finances and where you spend
55:14 your money how you're impacted by inflation is going to be different okay and that's that's important for you to understand es especially because look there's all all kinds of people out there were were in an election season and and you you you should be experiencing this way or that way or that way it doesn't matter what you should be doing what matters is what is happening and the only way to really know that is to look at it ourselves and get an understanding of it and that way we can talk about these these issues intelligently with with our family
55:49 members uh with our spouses with our roommates whatever it is so that's why I encourage you that's why I call it economic Echoes because the the whole National and international economy interacts uh and and we get the this sort of macro picture but the Echoes of that macro picture bounce off of us and then they they those the decisions that we make based on how they bounce off of us go back out at the micro level go back out
56:24 and ALT together create the macro level and so we need to know how the economy Echoes on us each of us as individuals so a lot of information I know I go through it really fast uh and I I'd really love to know uh what questions you have what thoughts you have about this so that I can tailor it more uh tailor it better to what will be most meaningful for for you so if you have thoughts on that please leave a comment in social media all of those
57:00 links will be in the show notes when this episode posts on LinkedIn I'm sorry on um on YouTube and and if you've got other metrics that are of interest to you that maybe I'm not including I'm happy to take a look at doing that so really want to shape this up to make it as meaningful and for you as possible so again thank you very much for watching that wraps up our shows for this week so next week starting on Monday at 10:00 a.m. Pacific time is trust and Estates
57:35 weekly and here I'll see I'll let you know what's happening if I can my computer is going to cooperate okay so um okay yeah so we're g to be talking on Monday about real estate change of ownership okay on Tuesday at 10: am is business lessons from the military and we'll talk about having a well-defined mission and then on Wednesday a week from today my guest is Jason gerado and Jason is gonna talk about being on the
58:11 path to purpose so Jason is a a fellow military veteran and he works with people to help to help to help his clients understand how knowing what your purpose is Drive all the other decisions in your life and and will give you a much greater feeling of success because you're able to understand what success means to you so this is something I've talked about from time to time I'm I'm really I'm really excited to have Jason on so we can have a conversation about that oh and then next week on Thursday
58:47 at 5:00 pm is the next episode of jigger's place by the way that's five p.m um Pacific time okay that's our our sort of our time to kind of get together at toward the end of the week and just relax over a cocktail and talk about all the things not related to business and professions and I'm going to be talking about kindness versus niceness and I think those are two very highly misunderstood Concepts and it's
59:22 important for us to understand the difference so I invite you to sit back join me for a cocktail next week on Thursday at 5:00 p.m Pacific time so thank you so much for joining me today wishing you not just a wonderful rest of the day but a wonderful rest of the week and signing off as I always do Marie darling You Are My Bell