North Dakota’s oil and energy boom has kept the state’s economic outlook bright — but it also has the tightest labor market in the country.
“So much of what is driving the economy is hyperlocal right now,” said Gusto Economist Luke Pardue. “For North Dakota, it's drilling or fracking. Delaware is being driven by professional services and financial services. It speaks a lot to the different areas that are better or worse prepared for a potential economic downturn.”"I would still call it incredibly tight compared to historic standards," he said.
Pardue stressed a state having the tightest labor market did not translate into having the best economy. Some states had tight hiring markets because economic growth outpaced their population growth. In other cases, an exodus of people meant there were simply not enough workers, which is bad for the economy.
But while a state’s economy might not be a big predictor of labor market tightness, that tightness, no matter the cause, does mean business owners will have a harder time hiring and will continue to deal with some tricky questions on pay. Idaho saw wage growth year over year of 9.1%, while Illinois saw just 1%, according to data from Gusto.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See the top 10 vehicles sold at 2023 Barrett-Jackson on Friday - Phoenix Business JournalThe top-selling vehicle on Friday at the Barrett-Jackson 2023 Scottsdale Auction came close to the $500,000 mark, and the auction house crossed a major milestone for charity dollars raised. Click through to see the top sellers from Friday.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona Cardinals begin front office rebuild with new GM Monti Ossenfort - Phoenix Business JournalMonti Ossenfort, the Arizona Cardinals' new general manager, faces some major decisions about the future of the team, which is coming off of a disastrous 4-13 season. But he's wasted no time getting down to business.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona Cardinals begin front office rebuild with new GM Monti Ossenfort - Phoenix Business JournalMonti Ossenfort, the Arizona Cardinals' new general manager, faces some major decisions about the future of the team, which is coming off of a disastrous 4-13 season. But he's wasted no time getting down to business.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Lucid stock soars 43% on Saudi takeover rumor LCID - Phoenix Business JournalThe California company's shares saw their biggest one day gain on record based on a rumor that Saudi Arabia's Public Investment Fund wants to buy out the electric vehicle maker that has its manufacturing plant in Arizona.
Source: phxbizjournal - 🏆 254. / 63 Read more »
See the top 10 vehicles sold at 2023 Barrett-Jackson on Saturday - Phoenix Business JournalFour automobiles sold for more than $1 million on Saturday at Barrett-Jackson's 2023 Scottsdale Auction, and one of them went for well over $2 million. Here's a look at the highlights from the big day.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Vacation rental owners prep for Super Bowl LVII - Phoenix Business JournalClick through to see images of one residence that the owner hopes to rent out for thousands of dollars a night during Super Bowl week. phoenix scottsdale superbowl
Source: phxbizjournal - 🏆 254. / 63 Read more »