Kaplan speaks in a podcast with the American Banker.
- As the American working population ages and continues to be disrupted by technology, the U.S. needs to create skills training that will help them navigate the changing jobs landscape
- Until we improve this, I think the workforce will not meet its potential
- Lots of pockets of inefficiencies. There are skills gap in US job market.
- Job training has to be done locally to keep up their skills gap
- Still expects tighter labor mkt to transmit into prices
- If you have college education you have greater chance to adjust to skills gap.
- U6 is 8.6%. The pre-recession low is 8.1%. That is why he feels we have some slack
- Have to do more to get discouraged workers back into the workforce.
- Demographics, technology and globalization are all contributing to lower wages. As slack comes further out, the wage pressures should build.
- Fed should start balance sheet unwind very soon.
- Appropriate to be patient on timing of next Fed hike
Here is a link to the podcast:
