- Collection:
- Georgia Government Publications
- Serial:
- News release (Georgia Department of Labor)
- Title:
- News release, May 5, 2000B
- Creator:
- Georgia. Department of Labor
- Contributor to Resource:
- Georgia. Department of Labor.
- Publisher:
- Atlanta, Ga. : Georgia Dept. of Labor, 2000-05-05
- Date of Original:
- 2000-05-05
- Subject:
- Georgia. Department of Labor--Periodicals
Labor--Georgia--Periodicals - Location:
- United States, Georgia, 32.75042, -83.50018
- Medium:
- state government records
- Type:
- Text
- Format:
- application/pdf
- Description:
- Title from caption
Each issue also has a distinctive theme title - External Identifiers:
- Call Number GA L200 .P1 N45 2000/5-5B
- Metadata URL:
- https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-b-pp1-bn45-b2000-s5-h5b-belec-p-btext
- Digital Object URL:
- https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-b-pp1-bn45-b2000-s5-h5b-belec-p-btext
- Language:
- eng
- Holding Institution:
- University of Georgia. Map and Government Information Library
- Rights:
-
Georgia Department of Labor - Press Release
Georgia Department of
Labor
Suite 642 148 International Boulevard N.E.
Atlanta, Georgia 30303-1751 (404)656-3032
May 5, 2000
FOR IMMEDIATE RELEASE
THURMOND PROPOSES ALTERNATIVES TO INTEREST RATE HIKE TO COMBAT INFLATION
ATLANTA -- With a surging economy, historically low unemployment, and record-setting job growth, State Labor Commissioner Michael Thurmond today proposed educational and job training measures for nontraditional workers, rather than increased interest rates, as an alternative to impending inflation.
Some economists and members of the U.S. Federal Reserve fear that the combination of strong job growth and higher wages could worsen inflation, as employers scramble to find scarce workers, recruit them with big boosts in wages and benefits with no increase in productivity, and then fuel inflation by passing the increased costs along to consumers in the form of higher prices.
"Simply put, in the eyes of the Fed, too many jobs are chasing too few qualified, available workers," Thurmond said. "The expected result is upward pressure on wages, lighting the fires of inflation, which, in turn, will threaten the current economic expansion. What the Fed is attempting to do is increase the supply of workers relative to demand by decreasing demand. This approach, while tried and true, is costly in both economic and human terms.
"Even in today's vibrant economy, there exists a large, untapped pool of people that could join the workforce if barriers to their employment were removed," continued Thurmond. "To the extent we can tap this pool, we will have the fuel to keep this expansion going without taking painful steps backward."
The Department of Labor is already partnering with the Department of Technical and Adult Education, the public schools, and others to 'upskill' untapped segments of Georgia's indigenous population. With proper training, senior citizens, persons with disabilities, former welfare
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Georgia Department of Labor - Press Release
recipients, and rehabilitated ex-offenders can not only play a major role in the solving of our state's labor shortage but also can go a long way toward combating impending inflation.
While inflation figures are not available in Georgia, the U. S. Department of Labor has reported that unit labor costs nationwide, a sign of inflation pressures, rose by 1.8 percent in the first three months of the year, while workers' productivity slowed.
Atlanta has led the nation in job growth for three consecutive months, while unemployment rates, at 2.7 percent in Atlanta and 3.4 percent for the state, remain at historically low levels.
NEWS MEDIA NEEDING MORE INFORMATION MAY CALL (404) 656-3032.
E-mail: communications@dol.state.ga.us.
FY-00-492
An Equal Opportunity Employer
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