Comment from the Richmond Fed President
- Anecdotally it seems that employers paying more than $15/hour for entry level jobs have less trouble hiring
Theory:
- Jobless claims still shockingly high
- Government benefits generous
The talk is that people are staying on unemployment rather than going to work. I'm sure that's a big part of the problem. However, what's better than collecting unemployment and staying home? Collecting unemployment and getting a cash-paying job under the table. Workers make more and employers pay less. That would explain high jobless claims, low hiring and a booming economy.
