Appearing Wednesday on the Fox News Channel, Brian Brenberg, who serves as an Executive Vice President and Associate Professor of Business at King’s College, said the United States is sitting on “the brink of a deeper recession.”
A transcript is as follows:
BRIAN KILMEADE: We’ve got about six million people looking for work and a million open jobs, the math doesn’t work. What’s going on?
BRIAN BRENBERG: Two open jobs for about each person looking. It’s good to have open jobs, no question about that. But the problem right now is that businesses are frustrated to the max that they can’t find workers. We still have so many workers sitting on the sidelines right now. If you look at the labor participation rate numbers, it’s lower today than it was before the pandemic started. […] Which means we’re about three million jobs behind where we should be. Businesses feel that. They are having to raise wages to try to get workers in the doors but that keeps pushing inflation higher, that makes the Federal Reserve’s job harder, they are going to raise rates more. That’s where that recession risk comes. We’re sitting on the brink of a deeper recession because of this issue.