0:16 foreign good afternoon and welcome to the way to wow show people making money I'm your host Kevin bemel and we are here every uh today's Wednesday oh my gosh so I'm doing three shows a week now so sometimes the the dates uh confuse me um so we're here on for this show every Wednesday at 12 30 p.m uh Pacific Time 3 30 p.m eastern time and we talk for an hour about issues related to getting a career that you enjoy a career that will
0:53 make you money and uh and and then other issue other kinds of topics about Building Wealth um creating Investments and and all of those that lead us to hopefully a fulfilling professional life so um last week my guest was Scott A lender and he is the author of The Enneagram of emotional intelligence I'm looking over here because the book Is Right on my nightstand I'm reading it and I invite you to check out that episode
1:30 um and I think you will find um quite a bit of of good uh thoughts and information on how to improve your emotional intelligence first of all what emotional intelligence is you know we hear this term thrown around all the time and I I think a lot of people use it without being clear about what what it actually entails um but it is it is true that uh and and ever has been really our emotional intelligence is probably the best predictor of our success and and that's
2:05 why you know things like having a college degree don't necessarily uh lead us to a successful professional life um because a college degree has little if anything to do with with building emotional intelligence so today I I want to talk about uh something more of kind of a current events type of topic um as you know I don't I don't do Politics on this show um but I think it's important for us to understand some of the economic factors economic
2:41 indicators that apply to employment um you know the availability of Labor in in our country and these different things because if you're like me I I hear these percentages thrown around um pretty much all the time or well at least every month right they report the the Consumer Price Index and the the unemployment rate and it's like well what does this really mean um because what I've what I found is the numbers are usually given without
3:18 any kind of substantial context and so there they don't have really a lot of meaning unless we know to kind of step back a little bit and look at the larger picture and also Focus way in right and or Focus way in is that right yeah Focus way in um on on the more micro picture right so you know I I think I've mentioned this saying before um a a recession is when our next door
3:54 neighbor loses his job a depression is when we lose our job right I mean on the most micro level and and we say that somewhat tongue-in-cheek but I think it it's actually true because for for most of us while as you with when inflation is higher as long as we're employed we may have to cut back on a few things or we may have to switch from the name brand to the store brand or whatever um but in you know we can prob we can we can certainly get by even if we're not necessarily thriving
4:31 um but once we lose our job depending on our financial situation life may get dramatically more difficult right and especially if we have a family we're supporting so then even more difficult beyond that right because they're they're reliant on us to bring home the proverbial bacon although my house would have to be something like turkey bacon so I wanna I wanna take a a somewhat of a deeper dive into some of these economic statistics so that we can really
5:06 understand what is being reported to us and we can have the therefore a a deeper understanding of of how the economy works so I'm going to bring up my screen here I've I've got a couple of things I want us to take a look at who whoops wrong one sorry we want here we go we want this one okay and sure and okay and here we go so I'm going to talk about first about
5:42 unemployment so um unemployment um as as we'll look at in in a few minutes um has been trending downward um for for a while now everybody took a big spike up during the early days of covid and then since then it's been it's it's been trending it trended down pretty sleepy and now it's sort of it's on a gentle slope but uh but for the most part a downward slope so the reality is is the federal government manages uh manages
6:18 um the federal government measures unemployment in lots of different ways and if you see on the screen here there's actually six ways that the federal government measures unemployment U1 through U6 right who would have known I mean when we listened to the news they report the unemployment rate and and uh honestly until I started really looking into this I had no idea there were I I knew there were two different ways of measuring unemployment and that often Aren't They
6:54 Don't Really they don't align um they're usually a little bit off from each other because it's it's two different ways of doing the measurement but indeed there are several measurements just by themselves so I want to just take a look at these real quickly so you and you would think by the way you won that sounds like the the one right so people who are employed for 15 weeks or more so that's measured um 15 weeks is a little bit less than four months right uh why 15 weeks um I guess what after about four months
7:31 people who are unemployed are really starting to hurt right so then you too those who lost jobs and people who finished temporary jobs okay so those two components you one and U2 actually add up to you three which is the total number of unemployed people it's so-called the official unemployment rate so when we here in the news the unemployment rate went down or went up or whatever they're reporting the u3 number now what's interesting is and this is
8:09 one of the things I think it's important for us to understand is the u3 number does not include discouraged workers see that here in u4 the total number of unemployed and discouraged workers now discouraged workers are people who have been looking for a job for so long and haven't found one that they're basically no longer look actively looking for a job hence the term discouraged workers so this is important because
8:44 as as economic Times get worse and as the length of time people are unemployed gets longer the number of discouraged workers tends to go up but you'll you'll notice that that isn't reported here so the unemployment the official unemployment rate can actually go down even though the number of people who are unemployed has increased if those people who are unemployed have become
9:20 discouraged and stopped looking for work okay now the reason that's important is what happens to these people okay and they be enticed back into the workforce okay and typically what we see is as the economy starts to improve again sometimes unemployment will actually will actually rise even though the economy is improving because people who
9:55 are discouraged from looking for jobs come back into the workforce and so the workforce size increases faster than they get absorbed into jobs even though people are more optimistic that they're going to be able to find a job now okay so that's an important Dynamic for us to understand both for our own economic well-being but also if if we're if if we are a business owner so how this Dynamic plays out
10:30 is important for Staffing decisions in our business okay all right so then after uh let's go through the O2 real quickly so u5 the total unemployment including discouraged workers and all other persons marginally involved in the labor force to be honest with you I'm not even sure what that is um and and then U6 total unemployed plus everyone marginally trashable people plus total employed part-time for economic reasons so um you can see that these are the u5 and
11:05 the U6 are much broader um I think really what we want to focus on when it comes to unemployment are u3 and u4 now u3 will be reported in the media but if we want to you know u4 okay we're probably gonna have to go look for that now it may be um reported um on uh in in business news although as someone who reads the Wall Street Journal pretty much every day I can tell you I never see you for reported even in the Wall Street Journal and you think
11:41 they would and oftentimes the Wall Street even the Wall Street Journal will report the u3 number in isolation and so really what they're doing is they're kind of giving us like a telescope View and everything out here is excluded and yet once we know what's going on out here um it's only then that we we really have an understanding of what's happening in the economy right have you ever seen those uh they're like trick pictures where they show you this much and you think oh it's a you know it's a horse running on the field or something and
12:16 then they open up and you realize it's something completely different right so that's what goes on too with some of these economic statistics right so now I want to I want to shift to um a different document all right so now this is this is uh the chart um put out by the labor department um just uh I think in the last week or so because it includes um the April uh 2023 numbers okay so here's here's what we
12:52 um are looking at so we have um employment status of the civilian population by in this case sex and age so first of all there's there's the total picture here okay so we've got um as of April 266 plus million people uh working in the United States now that's out of a population of about somewhere between 330 and 340 million okay so this
13:27 includes everyone over the age of 16. okay that's the uh again why 16 um I I assume it has to do with with labor laws right I think at 16 um uh it's it's legal to employ uh someone who is not an adult I don't want to really call a 16 year old a child because they're really not children in that sense um but but in any event um uh that that's that's who's considered in in the civilian labor
14:04 force I mean in the uh I'm sorry the civilian I'm I gave you the wrong number so the 266 million is the civilian non-institutional population meaning people who aren't in prison Etc of that 167 million are working okay so and we're going to talk more about this called the participation rate okay so I'm going to skip that for now um and um so the employment the unemployment rate was 3.4 million I'm sorry 3.4 percent
14:43 um of the civilian labor force um 3.4 percent of the civilian labor force is not working okay and you'll notice that from a year ago it's down by 0.2 percent and it's down a percent from uh December um and you know you can look here across the seasonally adjusted so in January 3.4 it ticked up to 3.6 then down to 3.5 down to three before so it's been hanging at this sort of mid three percentage range for you know for about
15:20 a year now okay um and and the seasonally adjusted is just it's more accurate than the non-seasonally adjusted I'm not going to get into to what that is okay so here's here's the interesting thing for men 16 years of age and over the unemployment rate is 3.5 for women it's 3.3 percent right and so together that averages out to about I'm not saying you average the unemployment rates it's just when you put men and women together um and look at their overall uh employment rates or unemployment rates that's that's it comes out to 3.4
15:56 percent which indicates that the number of men and women in the Labor uh Force are you know fairly close so there's actually um about 80 89 million men 16 or 16 or over in the labor force and there is uh 78 million uh women in the civilian labor force okay so not not exactly half and half but you know pretty close within within 5 million okay now um I mean we there and you can see here
16:31 this is this is uh let me show you this so there's here's the you know news release yeah here it was it was released uh Friday May 5th right so and and it shows you here's what's been happening with the unemployment rate and here's non non-farm payrolls this is the number of jobs that were created um for these various periods right and so you can get an idea of um back in 2021 there were you know job number of jobs created was much higher than it has been for the last couple of years and that's because we were just
17:07 coming off of that big crash after covid and so you know there was a lot more slack in the economy that that needed to be taken up okay so this is where you can start um you know really starting to get the kind of data that you need to really dig in and understand what the broad employment picture is because this is across the country right so now let me see if I uh let's see if I can find it real quickly
17:42 um don't want this here [Music] If someone knows how to um um you know Mark A a PDF um so that you could just kind of go from one to the other um that that would be good uh uh what I'm looking for is the state by state unemployment figures um well I can't find those
18:18 okay well that's all right um all right so here's here's another chart to look at so this is by industry okay so for example if you're in mining and logging okay the um employment went up by uh 7 000 jobs basically okay um if you were in heavy and civil
18:53 engineering Construction employment went down by 8 000 jobs okay and if you were in coal mining it basically stayed the same Changed by um roughly a hundred jobs okay so you know not particularly um not particularly big change so you can look at the particular industry that you're in and that'll give you a a narrower view of what's really happening in my industry okay so let's look at let me find uh see if I can find real estate here I thought here we go okay so here's
19:29 professional and business services for example okay so professional and business services increased between March and April of this year 43 000 jobs okay and um those were in professional scientific and Technical Services actually for the most part okay but there were there are other areas um where you know they they didn't go up nearly that much and then let's see specialized Design Services they actually went down by 600 jobs okay so
20:04 you can see that there was a big leap in professional and business services so the service sector or the economy is also um increasing as is look private education and Health Services increased by 77 000 jobs okay again that's a big leap now you know contrast that with uh uh motion picture and sound recording Industries lost 1500 jobs okay transportation and warehousing gained
20:39 about uh 11 000 jobs okay retail trade gained about 7 700 jobs okay so you can see where the real job growth is happening is in Business and Professional Services um public private I'm sorry private education and health especially um Healthcare and and social assistance look out of the 77 000 um 64 000 were in health care services okay um and then Leisure and Hospitality also 31 000 job increase okay and then uh
21:17 government had saw a 23 000 job increase most of which actually happen at the local level Okay so I don't know I you know I can't say for sure what what that means but evidently um cities and counties municipalities are are hiring people which is interesting because a lot of cities and municipalities are facing reduced and and going out into the future loss of of covid funds right and yet they're still Staffing up so that could be their
21:52 Staffing up in terms of uh law enforcement um where there was a there's been a decline um you know unfortunately we don't have the granularity uh to see that and one of one of the ones I wanted to look at see if I can find real estate here um information Financial Services retail trade no because I know a lot of people I know are in real estate oh here it is here we go okay so real estate and and rental and leasing okay almost 10 000 jobs created in in the real estate business
22:28 now that's that's uh that's pretty impressive right that's more than retail sales um of course it's not anything like uh Professional Services but it but it's still a pretty pretty healthy increase okay you know as opposed to administrative and support and waste management abbreviation services that lost 9 000 jobs ouch um that's right so okay so then you we can look at the number of jobs being created in certain sectors and then the question is is this going to continue okay so as we maybe are deciding what
23:05 Career Direct direction do I want to take you know do I want to get into a career where the number of jobs is increasing or decreasing and that comes down to why is it increasing why is it decreasing right so one would assume and we would have to do more research on this but we mentioned Mining and logging there were 7 000 jobs created not not a lot right so do we want to be getting into Mining and logging and the answer may be no because there's not a lot of jobs
23:41 being created there and and and with the inflation reduction act subsidies for green energy and such is there really going to be long-term growth in this sector so you look at oil and gas extraction right here 400 jobs were created march to April right not a lot now overall there's 118 000 uh jobs in in this sector so that's a lot um but but it's not as much as cold cold or well mining overall um yeah mining overall
24:17 um but but still um you know it's it's it's still a lot um manufacturing was up by 11 000 jobs you know durable goods by the ten thousands that's where most of the manufacturing increase came all right is this an area we want to get into why was there a 10 10 11 000 job increase you know month over month in manufacturing is that due to the reassuring of Industry from from you know out of places like China back to the United States it may be and if it is then what
24:52 we would expect is to see that Trend continue okay but if we look in February I'm sorry in January there was twelve thousand uh I'm uh sorry there were 12 million 768 000 jobs in manufacturing um and then in uh in uh February it went up by 200 000 jobs okay and then it scaled back the following month by 8 000 jobs only three thousand of which were recovered in April so so the bottom line
25:29 is is manufacturing jobs this year have been pretty stable now if we look year over year we see that there were roughly 200 000 more jobs um in in April of this year than April of last year and we'd have to look back at prior years well 2021 and 2022 or I mean 2020 and 2021 are tough years to compare with because of covet but then maybe go back to 2019 what were the number of manufacturing jobs so to see what the long-term trends are the
26:04 long-term trends going up or is this you know were they going down and now we're seeing them coming back up okay those are the kinds of things we'll want to analyze as we make a decision about you know where we want to go okay so this is what I mean about focusing in but also you know looking at the broad picture and then focusing in as we look at these statistics okay and let me see if if I can find the state data I don't think I'm going to okay yeah
26:39 they're not releasing the state by state data um in here so um you know we we could we could look that up um and and uh uh I'm not going to do that right this moment um but but we could certainly look that up so now what I wanted I want to go back to this question of Labor Force participation okay and this it it from my perspective to know the unemployment rate without the labor force participation rate
27:16 is meaningless okay because it's only by knowing both of them that we can really understand or begin to understand the true employment picture okay so this is the percent of people that are in the labor force that are participating meaning they either have a job or they are looking for a job remember we talked about those
27:51 discouraged workers so discourage workers um are are kind of this portion here it's it's the portion of well it's not literally this portion because it only goes to 68 here but it's the the abortion of people above the curve include people who are discouraged from looking for a job and for various reasons um I don't want to say they cannot work but maybe they're they're limited to only being able to work part-time those those um you four through U6 categories if you
28:29 will okay now this this graph shows the labor force participation rate starting in 1948 so we're going back roughly 75 years okay and back then the labor force partition in in January of 1948 the labor force participation rate was 58.6 percent okay now you see that the the curve goes way up now why the big increase from 1948 to where it Peaks here around maybe kind of
29:06 the late 1990s I guess we'd say yeah late 1990s um a lot of this is due to women entering the workforce right because back in the 1940s not a lot of women were in the labor force so a lot of them stayed home they were you know Housewives if we can still use that term right so and you see that the labor force participation rate um through uh the mid-1950s was was pretty flat and then in 1955 it goes up
29:43 a little bit and then it it kind of dips down um in the in the mid 60s and then pretty much starting from about 1964-65 it's it's on a pretty much an upward trajectory until it gets to its peak at um I thought the peak was like yeah it's a little over 67 so roughly two-thirds of the labor force is in you know it's it's working okay
30:18 working or actually looking for jobs I should say all right now you notice that starting in the very early 2000s around 2000 2001 it's on pretty much a downward trajectory okay it actually had started ticking up a little bit and then covet hit and then boom it went down so in covid when covet hit the the labor force participation rate dropped to 60.1 percent so that was the lowest it had
30:54 been since uh the late 1960s or yeah I mean even in 1973 when there was a bad recession it was still slightly above that so yeah 1971 was about the last time that it was as low as it was um you know during during covid okay but then you see it came right back up pretty quickly okay and now as of last month the labor force participation rate is at 62.6 percent here's the important thing well one of the important things to notice
31:29 at 62.6 percent the labor participation rate is still below what it was just prior to covid at 63.3 percent meaning one percent of the labor force has um basically opted out of participation okay now what that does is it means the number of people who are out of a job according to the u3 measure of unemployment
32:04 and it it is is um small is is against a smaller number of people who are employed or who are in the labor who are participating in the labor force so that it brings down the unemployment rate in other words if this one million people if we were still at 63.3 percent labor force participation rate another this and and I think one percent um is roughly a million people I believe
32:41 so we would have another million people who were looking for work presumably and that would increase the unemployment rate it would be higher than it is now and that's of course um that would be that u4 measure which which would be a larger percentage than the u3 measure so that's why I say when when we hear the um um the unemployment figure we have to look at what is the labor force participation rate so we we have very
33:18 low historic unemployment but we also have low participation rate historically as well okay now the question then comes well why is the participation rate so low okay is it because of the economy is because of government policy why is it low okay and and I think there are several reasons so uh uh I'm gonna go back to this
33:54 okay so here this is an article in Forbes which is a well-known business publication okay and it says here there are a few explanations for the low labor force participation rate so increased dependent care needs meaning that I think in this case there are a lot more elderly people who are reliant on their children for care okay this is an increased number of children because the birth rate in the United States has been declining for a long long time so I I
34:30 don't think this is this is uh you know due to um there being a larger number of children that needs care that need care this is this is actually elderly adults who need care okay fear of getting coveted so some people have have opted out of participating in the labor force because they're still afraid of getting covid a third one is higher unemployment benefits right and this is this is why there have been calls to re to decrease unemployment benefits because the higher they are the
35:05 more people are incentivized to opt out of participation in the labor force okay so desire for higher wages reducing interest in low-paying jobs right this this is a big one and and this is something that I think we saw happening post covid is restaurants the hospitality business they had a difficult difficult time um getting people to come back to work for them and one of the reasons is they
35:40 paid relatively low whether it's a fast food restaurant or a fast serve restaurant or whatever their wages tend to be on the low side of the wage scale and and people were looking at that and saying you know what the work is way too hard for what I get paid I'm not going to do this so I'm just you know and if they could afford to stay out of the labor force um they did okay here's another big one Higher pace of retirements due to an aging population right so as my generation the Baby Boomers get older and older more and more of us are
36:17 retiring we're getting out of work all together right we're getting out of work altogether okay airplane joke um and as that happens the labor force participation rate will Decline and that's part of that's part of this okay one of the reasons why oops what did I do here uh uh let me see oh nope that was the wrong thing to do okay here we go um that was so the the Baby Boomers
36:53 um retiring and especially look how much steeper it got after 2008 okay and then it kind of it's kind of flattened out here in the late you know 19 I mean 2000 teens it kind of flattened out okay so um people retiring um is another reason it's declining and then slower population growth so it's it's no you know big news that as I would mentioned a minute ago the birth rate of the United States has been declining and that slower population growth
37:29 um keeps the labor force participation rate declining as as well because you know not as many people are coming in Okay so what does this mean then well how do we for example if if we want to hire labor force participation rate okay how do what do we do about the The increased need for dependent care do we provide that do we create uh businesses and and and local uh
38:07 um um institutions if you will I don't mean institutions like bad places but local local centers or whatever that can help relieve some of the dependent care needs burden on working people I don't know that may be but in we might be able to do something about this okay fear of getting covered I'm not you know I'm not sure can we do anything about people's fear of getting covered honestly I I don't know um at this point look covet is you know even the World Health Center has said
38:43 the covid emergency is not the World Health Center the World Health Organization has said the the pandemic is is over and I think the the national um one ends tomorrow if I'm if I'm if I'm correct the 11th of May right so but look people have fears and and to the extent that somebody fears something that fear is real we may not be able to do anything about that higher unemployment benefits well you know we we could reduce unemployment benefits which would then incentivize people to go back to work okay desire for higher
39:18 wages um that are reducing the interest in low-paying jobs so what you see going on here is you see technology replacing some of the low paying jobs so if you were if you recall if you're if you're an old guy like me right it used to be a cash register say 50 years ago it was like you you like punched the amount and you had to punch the amount in for each um you know for each article that somebody was buying um and then and and and you know and so like if you're buying I don't know toothpaste it was like 56 cents you know
39:55 banging it rang it up and they were mechanical and then they even had electronic ones like that and then from there we went to a cash registers that you know they had the scanners on them right the not QR codes um I forget what the the barcode barcodes right so they could scan a barcode and that and and you didn't have to worry about punching it in it was faster and and frankly you'd you know you didn't have to be as skilled because like a really good grocery Checker they could like if you've ever seen if you've ever seen a video that it's it's it's it's pretty amazing how fast um a really good Checker could check you
40:31 out at a grocery store and they had to because they had to move people through the line right and then like at a McDonald's you you they you developed a cash register where it had what it was the person was buying french fries Big Mac you know chicken McNuggets or whatever it was you would just punch in whatever it was they were buying and and and that's how it rang up you didn't have to scan anything even it was like you know just you took the person's order and as they gave you it you punch it in Coca-Cola whatever it was right so now what they're doing at McDonald's
41:07 is they've essentially taken that cash register and turned it around it's essentially an ordering kiosk in fact I saw these when I was in Israel um back in the uh summer of 2019 I think it was when I was there so they had ordering kiosks so you would go the ordering kiosk you'd you'd you know punch in your order you put in your credit card pay for it and then you would go to the counter and you would wait until they called your number and the people were preparing the food but they weren't ringing it up or anything okay so I
41:44 think they're you know McDonald's and probably other restaurants are going toward that model now okay so that's going to um take out low paying jobs right which in theory should make should should open up room for more high paying jobs but of course in order to get a higher paying job our skills our experience our knowledge has to increase to justify that higher pay right so um you know we we can do something about
42:21 the fact that there's a desire for higher wages that's reducing interest in lower paying jobs by automating the lower paying jobs and then figuring out how do we help people you know or help ourselves get to the point where you know are what we're able to sell our labor our knowledge our skills Etc is worth that higher number okay higher pace of retirements due to an aging population so this one I think is is is more difficult the reality is is as people get older
42:56 um some of them some of us can't work okay you know like I said I'm an older guy but I'm still working um I took a survey recently um that I was asking you know what are your plans and the reality is I don't I don't really plan to retire in the sense of stop all professional activities um so I enjoy what I do and and as long as I can do it I want to do it basically okay and and and one of the trends we're seeing in hiring too is some businesses that can't find workers are looking to entice older people retired people back
43:34 into the workforce so maybe with you know part-time work or or whatever they can do that and that will be successful slower population growth uh that that's a tough one I'm not sure how you you turn that around that's a much larger I think public policy issue now the reason I bring all of this up is for the same reason that I I took you into greater granularity with respect to the unemployment numbers and the number of people employed by industry and all that we look at our professional lives and
44:11 and on our careers how are we going to be impacted by the labor force participation rate and by the overall um composition of the labor force that's that's food for thought for us okay so let's take um this desire for higher wages here because I I talked about that a little bit Okay so as we look toward how AI is going to impact the labor force right there's
44:48 lots of speculation about this the reality is we don't really know what's going to happen with with how how we don't really know how AI is going to impact the labor force we can make some guesses but that's probably it one of the things I was just talking to a friend of mine um who uh oh I'll give I'll give him a pitch he has a car rental company in Hawaii Mike Foster and and Mike has been building this company and it's been growing and growing and growing it's an alternative to the sort of well-known
45:23 car rental companies because in Hawaii it can be sometimes difficult to find a car to rent right so he's he's looking at using basically AI to create a cust part of its his customer response system okay so you don't actually have to have a live person doing the messaging it's a it's an AI bot basically and I mentioned to him that I actually used one of those and I wish I could remember what business it was I used it for sometime in the last
45:58 two or three days and I don't know about you but I find those things annoying because because they're they're clearly not human right and they have they're sort of like they make these sort of weird sounds and all that kind of stuff I I don't know I just find them sort of annoying having said that I will say it solved my problem I know it was a customer service thing I was dealing with that I remember it may have been uh T-mobile I can't say for sure but it may have been T-Mobile
46:33 um but it it it solved the problem I mean and it definitely worked and uh despite the fact that it annoyed me I mean I did engage with it because it was the simplest way to get the problem solved so here's the thing as AI Bots become more AI customer service Bots become more sophisticated and and have greater capabilities I can imagine they'll take more and more of the sort of Baseline customer service out of the hands of live human beings and that may be a good
47:09 thing it may be a bad thing who knows who knows how that's going to work out but here's the thing as that happens there's going to be a bigger need for people who can set up those Bots and who can troubleshoot them and who can extend their capabilities right and the the what people will get paid for doing that is who knows double triple quadruple what they could get being uh you know a message a a message customer service rep
47:45 okay the issue though is you would have to have the knowledge and the training to be able to work on those Bots I would imagine you've got to have some kind of you know software development training or or you know whatever or maybe I don't know with I I haven't played around with chat GPT or any of those those things yet but you would have to have a knowledge of how to use those now I I imagine you know in the near future if they're not already there will be programs for learning how to use them but the technology is so new you know you could jump in on the ground floor and really immerse yourself in and find
48:22 out how they work and Bing all of a sudden you know you're really valuable in the job market so so this desire for higher wages that's reducing interest in low-paying jobs this indeed could be your ticket to a better paying potentially more interesting job okay and so that's why I I encourage you to to think about these various issues that I've raised as we've Dove more deeply into what the unemployment statistics are what the labor force is what the
48:57 labor force participation is all of these things are giving us signals that if we're willing to look at them will help guide us to make better decisions about our professional lives and let me give you one more increase dependent care needs so if we can figure out a business that helps take the burden off of people who are caring for their parents or their elderly relatives right then we potentially have a very lucrative business right it's certainly not going
49:34 to be a low paying job right and and there are lots of programs out there for to support things like Adult Day Care that sort of thing in fact I I um I'm working with an adult day care company right now um helping them with you know strategic planning Etc and and I think that you know there again there are indications here as to where opportunity is professionally for all of us okay so I'm gonna I'm gonna sort of
50:09 leave off there and uh and and let you as the as we used to say cogitate over that information certainly if you have questions comments about anything that I've discussed I invite you to uh post them on any of the shows social media posted on our our YouTube um uh you know YouTube channel page and if if you have insights if you think I'm wrong about something certainly post that um and and why you think I'm wrong because I would love to if I am wrong
50:47 about something I certainly want to correct that um but but you know sometimes we have different views of these things and and and sometimes both of the views can can be valid so I want to leave you just with this final thought and that and that's where we started when we hear these economic statistics I encourage you not to take them at face value they're they're almost meaningless at face value now certainly if the unemployment rate were to go from what it is now 3.4 to if the next month it were to jump you know God forbid to
51:22 eight percent certainly we we can be pretty sure there's a lot more people out of work of course but oftentimes these indicators are not moving that dramatically and so when there are little movements up and down it's important to get that broader perspective on other factors that feed into any particular economic phenomenon going on in in our country in the world okay so I again I encourage
51:57 you to to look a little bit deeper ask the questions and just you know when you hear reported okay the you know the unemployment rate was 3.4 percent that was down slightly from from last month my question is okay why why was it down was it down because more people went to work was it down because more people left the um was it down because fewer people were participating in the labor force because both of those can cause the unemployment rate to go down and one of them is good more people
52:33 working is good fewer people in labor force not as good okay depending on why they left so that's that's that's that's our show for today and I I want to take a minute and and mention my other two shows because I told you I'm doing three now so on Mondays at 10 A.M Pacific Time 1 p.m eastern time I'm doing trusts and Estates weekly this is of of somewhat narrower topic than than my other shows and it's if if you are involved in in a profession or a business that that might
53:12 be able to um expand by being involved in trust and estate matters and settling them and and helping with things like Insurance accounting whatever I encourage you to watch this show that's what it's about it's about how do we do well being involved in trusts and Estates okay we have this aging population and as as the Aging population turns into more people passing away and there's this transition of wealth so handling trust in the state
53:47 matters is going to get bigger and bigger and bigger okay and so I think there's for me I analyze there's there's opportunity there and then my show on Tuesday is called business lessons from the military and in that show that's at um 11 A.M Pacific time 2 p.m eastern time and and that show is looking at military Doctrine military history great leaders great military leaders what can we learn from those that we can apply to our professional
54:22 lives and especially in into running a business whether it's ours or a business uh for who for which we work how can we apply those lessons you know our country spends billions upon billions of dollars supporting the military and and of course we need to for National Defense but it's I think it's good to get a little bit back from that that tremendous expenditure of funds and there's a lot of very capable Minds putting together Doctrine so right now we're talking about Marine
54:57 Corps War fighting Doctrine and how we can apply it to running a business to our professional lives and so I invite you to join me and watch that show on Tuesdays and then of course we are here every Wednesday as I mentioned for people making money uh 12 30 p.m Pacific 3 30 p.m Eastern and as I'm fond of saying an hour in on all these shows for mountain and central time and I invite you to join me you can always go to my Eventbrite page and get a free ticket to join me live I'd love to have a discussion with you and if you
55:33 have a particular topic on your mind that you want to learn more about please do let me know drop me an email post it on social media all of those links are will be in the show notes after this episode uh posts and of course all I've been saying 150 episodes I'm actually not quite at 150 I'm at about a 136 episodes um you can see all of the back episodes on my YouTube Channel please do consider subscribing so you'll get notified every time a new episode posts so thank you so
56:08 much for joining me today I hope you enjoyed the show hope you got something out of it and look forward to seeing you next week and signing off as I always do saying Marie darling you are my bell so thanks again for watching looking forward to seeing you soon