It's All About Hiring 5/7/26

Summary

Podcast Summary: "It's All About Hiring" – Your Money Minute (CNBC)

Date: May 7, 2026
Host: Jessica Ettinger
Guest: David Rosenberg (Principal, Rosenberg Research)
Duration: 60 seconds (excluding ads and promotional content)

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Episode Overview

This episode focuses on the current trends in the U.S. labor market, particularly the surprisingly steady unemployment claims and the more concerning story behind sluggish hiring. Through quick expert commentary, the discussants address why, despite stable "headline" numbers, many Americans feel the job market is tougher than it appears, with a spotlight on college graduates and younger workers.

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Key Discussion Points & Insights

1. Unemployment Claims Remain Low

• Jessica Ettinger opens by highlighting that weekly unemployment benefit filings have stayed steady, echoing pre-pandemic levels of roughly 225,000, or even lower in 2026.

  "The number of people filing for unemployment benefits comes out every week from the Labor Department and it's been very steady and not high at all."
  [00:00]

2. Firing Rates vs. Hiring Rates: A Hidden Weakness

• David Rosenberg (Rosenberg Research) notes that layoffs and firings are subdued.

  "You're right about the claims numbers remaining very benign. And when you go to the Jolts data, you'll see the firing rate is very benign."
  [00:20]

• However, he points out the real problem:

  "The hiring rate and the job opening rate. The true measures of labor demand are falling precipitously."
  [00:36]

3. Productivity, AI, and Sluggish Job Growth

• Jessica Ettinger explains that businesses are becoming more productive, sometimes utilizing AI. While they aren't cutting jobs, they're also not adding new ones.

  "If a business isn't firing people, but it's not hiring either, that just makes for a sluggish labor picture. As current workers become more productive, some using AI tools, businesses don't really maybe need more workers."
  [00:45]

• David Rosenberg underscores the disconnect between economic growth and hiring:

  "The economy is growing because we have a productivity boom going on, but employment is running at 0% growth. Is that really sustainable economic model? This is to the detriment. I mean, look what's happening to job opportunities for college grads, for example. Look at the younger cohorts. They're under significant strain because they're not finding a new job."
  [01:01]

  • Key concern: Young people and recent college graduates face significant challenges in securing employment in this environment.

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Notable Quotes & Memorable Moments

• Jessica Ettinger [00:00]:
  "The number of people filing for unemployment benefits comes out every week from the Labor Department and it's been very steady and not high at all."

• David Rosenberg [00:36]:
  "The hiring rate and the job opening rate. The true measures of labor demand are falling precipitously."

• Jessica Ettinger [00:45]:
  "If a business isn't firing people, but it's not hiring either, that just makes for a sluggish labor picture."

• David Rosenberg [01:01]:
  "...employment is running at 0% growth. Is that really sustainable economic model?...Look at the younger cohorts. They're under significant strain because they're not finding a new job."

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Important Segments & Timestamps

• 00:00–00:20 – Steady unemployment numbers and historical comparison.
• 00:20–00:36 – Expert confirmation: low firing rates.
• 00:36–00:45 – The real story: falling hiring and job openings.
• 00:45–01:22 – Productivity gains, AI influence, and the challenge for new entrants to the workforce.

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Conclusion

While headline job market data looks calm, the underlying story is one of stagnant hiring and vanishing opportunities—especially for young people and new graduates. Despite productivity gains (often due to AI), businesses aren’t growing their payrolls, raising concerns about the long-term sustainability of the current economic model.

For further insights: The full interview with David Rosenberg is available at CNBC.com.

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Transcript

[A]

With a CNBC you Money minute, I'm Jessica Ettinger. The number of people filing for unemployment benefits comes out every week from the Labor Department and it's been very steady and not high at all. Before the pandemic, the weekly number of people filing was around 225,000 and it's been around that or lower this year.

[B]

You're right about the claims numbers remaining very benign. And when you go to the Jolts data, you'll see the firing rate is very benign.

[A]

That's Rosenberg Research's principal, David Rosenberg on cnbc. So what? What's the problem with the labor market? Why do people feel they can't find a job?

[B]

What's happening is the hiring rate and the job opening rate. The true measures of labor demand are falling precipitously.

[A]

It's all about hiring. If a business isn't firing people, but it's not hiring either, that just makes for a sluggish labor picture. As current workers become more productive, some using AI tools, businesses don't really maybe need more workers.

[B]

Now. The economy is growing because we have a productivity boom going on, but employment is running at 0% growth. Is that really sustainable economic model? This is to the detriment. I mean, look what's happening to job opportunities for college grads, for example. Look at the younger cohorts. They're under significant strain because they're not finding a new job.

[A]

You can see the full interview with David Rosenberg and lots more on the economy and the Labor [e-mail] I'm Jessica Edinger. CNBC.

[C]

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[A]

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