Here's what this really means in layman terms - people in fulltime jobs are going nowhere and holding on tight. So no promotion, no laterals, no vacancies being created to fill. Those without a job can't get one so they can't pay their bills and become more and more dependent on those with jobs, creating financial strain and increasing credit debt or eroding savings. And, in the meantime, companies continue to look for ways to trim payroll with automation, eliminating full-time employment costs where possible. Still a downward trend, just a slow death instead.
Here's what this really means in layman terms - people in fulltime jobs are going nowhere and holding on tight. So no promotion, no laterals, no vacancies being created to fill. Those without a job can't get one so they can't pay their bills and become more and more dependent on those with jobs, creating financial strain and increasing credit debt or eroding savings. And, in the meantime, companies continue to look for ways to trim payroll with automation, eliminating full-time employment costs where possible. Still a downward trend, just a slow death instead.