Transcript:
"huge disappointment this morning that the employment market only generated 96,000 jobs last month. we're joined by the chairman and ceo of the manpower group. good morning to you. thank you for joining us on cnbc. great to be here. the tragedy is that you know that there are huge labor shortages in parts of this economy. yes. it's really interesting. in some ways, there's no surprise we saw a number like 96,000. we were seeing slowness in the summer months and we can't expect to have pmi numbers down, some hesitation, lots of uncertainty. and then have this pleasant surprise that we're going to get 150,000 jobs in the labor number. what is even more difficult to understand is while we only have this number of jobs created, 96,000, we've got more disenfranchised or discouraged workers leaving and at the same time we're still hearing from employers that, i can't find the right skills and i could hire more. we're in a very unique and difficult position right now. what is the scale of that? those unfilled vacancies, those employers who can't find the worker that is they want? can you give us an idea of the scale? there are some numbers you can throw out. unfortunately i think the numbers get a little distorted. i've heard as high as 1 million, 2 million. you can't really look at some of the data, how it's collected to say that, in fact, yes, that is what -- if we could get those skilled workers, we would fill 1 million more jobs or 1.5 million more jobs. down to a local level where labor markets work, it's 150,000 here. we're not going to be able to fix that problem in a short period of time. it's technical schools. it's really employers actually being a little bit more flexible as well. there's a combination of things. but at the end of the day, most of that can be solved if we had more demand because companies would take more risk on bringing on less qualified employees because they absolutely need the people. jeff, what's your guess on which sectors those people who are not participating in the labor market, whichtors they were trying to look for a job? is it the sectors that haven't expanded their hiring? i think in some cases -- one of the things that was a bit more disappointing than most is you have 15,000 less jobs in manufacturing. and manufacturing has great entry level jobs. that's where we're starting to see the skill levels creep up so that entry level job is where it was before in a skill level. that's one of the ones that's holding us back. it's one of the first i've seen for a while that manufacturing has slipped. we were starting to see 30,000, 20,000, 25,000 jobs in manufacturing. that's great for the economy. that's starting to slip and it coincides with what we saw in the pmi data. jeff, thank you for your insight. it's a big day for the employment market. chairman and ceo of the manpower group. "[