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Labor Market is Tighter & Stronger Than A Year Ago, Despite Rising Interest Rates

“This labor market is stronger, and tighter than it was a year ago. That’s likely why we see such a sudden rise in artificial intelligence applications. There aren’t enough people to get the job done, and AI is one avenue businesses are exploring to fill in the gaps.”

-- Andrew Crapuchettes, CEO of RedBalloon

(Moscow, Idaho) - The BLS released the Jobs Report this morning and it showed that the economy added 253,000 jobs in the month of April, coming in well above economist’s expectations of 180,000. This is also an uptick from March’s numbers, when the economy added 236,000. Unemployment remained steady at 3.4%. The civilian labor force participation rate also remained little changed at 62.6%.


“This labor market is stronger, and tighter than it was a year ago. The number of people employed over the past year is up 3 million or 1.9%, and wages are up 4.4%. Total unemployed since last year is down 311,000, or 5.2%,” said Andrew Crapuchettes, CEO of RedBalloon and one of the founding pioneers of the modern labor market data and analytics industry.


“That’s likely why we see such a sudden rise in AI. There aren’t enough people to get the job done, and AI is one avenue businesses are exploring to fill in the gaps,” continued Crapuchettes.


“The people shortage is producing a consistent ‘near-full-employment' economy. With everyone working, does that mean we also now have a recession-proof economy? How do you have a recession when everyone has a job and money to spend?” added Crapuchettes.


If you would like to schedule an interview with Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.

Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.

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