Are We Talking Ourselves into a Recession? With David Garrett, Joveo

08/19/22 • 23 min

The U.S. has witnessed unprecedented increases in job openings and, subsequently, a tight labor market. The economy saw a sharp post-Covid recovery last year, however, in recent months, high inflation and ensuing policy tightening has lowered growth forecasts and caused many to expect a fall in the creation of jobs.
Indeed, the economy contracted at an annual rate of 0.9% in the three months to July. Yet July also saw 528,000 new jobs as the unemployment rate fell to 3.5%!
So what's going on? Should we be worried or are things actually looking pretty good for the remainder of this year and 2023?
In this HRchat episode, we take a lens to the US economy and labor market and ask "are we talking ourselves into a recession?"
Our guest today is David Garrett, Customer Success Manager and Economic Researcher at Joveo. David is also one of the key architects of Joveo's new U.S. Labor Market Forecast: Economic Impact on Talent Demand Across Industries and Occupations.
Questions For David Include:

The US economy has shrunk for the second quarter in a row, a milestone that in many countries would be considered an economic recession. The contraction, at an annual rate of 0.9% in the three months to July, has drawn widespread attention as worries about the economy grow. Should we be worried?
What is a technical recession?
The July 2022 US Jobs report showed Payrolls actually increased by 528,000! How is this potential recession different from previous incarnations
Given there's nothing fundamentally 'wrong' with the US economy, are we 'talking ourselves into a recession'?
How are/should HR pros and leaders prepare for a downturn?
Will some jobs remain in demand even if a recession does hit? If so, which ones?
How is Joveo helping

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The US economy has shrunk for the second quarter in a row, a milestone that in many countries would be considered an economic recession. The contraction, at an annual rate of 0.9% in the three months to July, has drawn widespread attention as worries about the economy grow. Should we be worried?
What is a technical recession?
The July 2022 US Jobs report showed Payrolls actually increased by 528,000! How is this potential recession different from previous incarnations
Given there's nothing fundamentally 'wrong' with the US economy, are we 'talking ourselves into a recession'?
How are/should HR pros and leaders prepare for a downturn?
Will some jobs remain in demand even if a recession does hit? If so, which ones?
How is Joveo helping

Support the show

Previous Episode

Crossover Episode: Previewing People and Performance Podcast Season 5 with Chris Bjorling

In this special crossover episode Bill welcomes Chris Bjorling back to the HRchat podcast.
Chris is President at Fidello, co-host of the People and Performance Podcast, and Associate Editor at the HR Gazette.
Listen as Bill and Chris reflect on their recent experiences at #SHRM22 and preview what listeners can expect from the new season of the popular People and Performance Podcast.

Questions For Chris Include:

Can you take a few minutes and share some of the conversations you enjoyed at the SHRM annual conference, a few of the talks you attended, and your overall thoughts on the 2022 event?
Can you take some time, run through the upcoming People and Performance Podcast episodes, and offer a preview of what folks can expect this season?
In season 5 of the People and Performance Podcast, we introduced a new question. It's a second question we now ask of all of our guests. It is: Can you share one piece of advice or some direction you were given by a mentor, leader or colleague that inspired you to perform at a higher level in your career? So, Chris, we'd love to hear your answer to this question.
We're looking at a potential recession although that's not by any means certain. If it does happen it will be a unique kind of recession. How do you think the labor market in the US will fair over the next year and will we see budgets cut for hiring, onboarding and career development?
What else is going on at Fidello at the moment? Will you be attending any events you’d like to mention or can we expect any news from your team in the next few months?

We do our best to ensure editorial objectivity. The views and ideas shared by our guests and sponsors are entirely independent of The HR Gazette, HRchat Podcast and Iceni Media Inc.

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Next Episode

What DEI in the Workplace Actually Looks Like and Strategies to Adopt with Dejannae Lang, Workzinga

In HRchat episode 474, we ask 'what does DEI look like within the workplace and what strategies should be in place?'
Our guest this time is Dejannae Lang Research Analyst, Doctoral Student, Associate Consultant, and Industrial and Organizational Psychologist at Workzinga.
Questions Include:

Why join the dedicated science team at Workzinga? What's the role? How does it help HR, Talent pros, and leaders?
You're new to the company, talk about the culture fit between you and Workzinga.
From your experience and perspective, what does DEI look like within the workplace? What strategies should be in place?
What would you say to the suggestion that employee resource groups work best in larger orgs?
DEI practitioners are voicing concerns of burnout and lack of resources, how can organizations address these problems?
Let's talk about headcount and combatting 'weak'/misleading DEI metrics: How do we avoid fake interviews to meet a diversity quota?
With the uncertainty of a recession, why is it important for DEI to not be part of budget cuts?

About Dejannae Lang

Dejannae has over 5 years of experience with identifying interpersonal skills to fit the proper work environment, diversity, equity, and inclusion issues and assisting organizations with leadership development, and servant leadership training. Her experiences and training in I/O psychology over time has sharpened her awareness to cultural relations, organizational processes, employee engagement, and employee development, and employee wellbeing. She is currently certified as a Predictive Index Practitioner.
Dejannae has consulted for colleges and universities since 2019. She has specialized in providing presentations and training on servant leadership in the education sector, as well as others. She continues to provide strategic diversity, equity, and inclusion training and leadership development consulting. She also works on the use of interpersonal skills within the workplace to impact productivity and communication within organizations. She speaks at several engagements throughout the year to draw attention to the principles of I/O psychology.
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