Labor Day Odds, Ends, Rants, Musings and Jimmy Buffet
Some Labor Statistics
Millennials now make up a majority of the workforce with 56%.
Here is the wake-up call: they will represent 75% of the workforce by 2025. That’s only two years.
They are more similar to boomers than you think: 26% have two or more jobs.
That’s what boomers did when they were younger: if you didn’t have enough cash, you got a second job.
Boomers have gone the way of the, well, the boomer. They are at 41% of the workforce.
Since we no longer have a majority in the workforce, we should probably stop saying, “When I started in the workforce, we did…”
Gen Xers are at 53%, and they are on the downward trend.
Regardless, as a business owner, you need to understand what motivates each generation, but it looks like you better know your millennials.
OMG! Style & Fashion
No joke: “Track pants have entered their sophisticated mature phase. Forget gym sessions, these styles are for dinners, dates, even weddings – if styled right.”
That’s the sub-headline for an article from a weekend edition newspaper.
Folks, you’ll never see David Beckham wearing track pants out to dinner unless he just came from the soccer pitch, and then it would be a drive-through where no one can see him.
The same for George Clooney or Brad Pitt. Unless they were caught by the paparazzi going for a run.
But not dinner, dates, or weddings. Jiminy.
The only folks that should be wearing tracksuit pants are, well, track stars. Or professional athletes.
All this is a reason for some Beverly Hills outfit to sell you $1350 tracksuit pants that you can get on Temu for $12.
Just don’t. Unless you have enough liquidity to not care and dress like your grandfather at the assisted living center, just don’t.
That’s actually an insult to folks at assisted living centers; believe me, they would rather dress up than dress down; they just can’t.
Also, don’t be the person to wear pajama bottoms and flip-flops on a plane.
It’s not a good look, but that’s my personal opinion.
California is ranked the best place to be a worker. There’s a shocker.
Why wouldn’t it be? Three reasons.
You get paid the most, primarily because California has one of the highest costs of living.
Worker protections.
Yep, it’s tough to get fired, and you get time off for stuff.
One of the nation's strongest unemployment benefits.
And don’t forget PAGA! Look it up.
The right to organize.
Everyone loves a union, except those not in a union.
That would be 84% of the California workforce.
Oh, and by the way, pay attention to Assembly Bill 799. It is going through the California Assembly, and if it makes it to the Senate and passes, it will enable striking workers to collect unemployment after two weeks on strike.
Workers would effectively get paid not to work when they have a job and are choosing not to work.
The whole point of a strike is to get both sides to the bargaining table because, in theory, both sides are hurting from the lack of workers and the lack of a paycheck.
So, who wouldn’t want to be an employee in California?
It just makes it tougher to be the employer.
Bit & Pieces
Another trend to keep an eye on: Airlines renting clothes to passengers. A Japan Airlines pilot program, which will continue at least through August 2024, allows passengers on flights to Japan to rent clothes for their stay. Travelers can choose from several different sets of clothing, organized by season and occasion. A basic rental starts at around $29 for three tops and two bottoms.
How lazy are we getting? Now we don’t even want to pack.
Speaking of Labor Statistics as it regards Social Security…
By 2033, the pool of money that all of us have paid into, will run dry (see ‘Boomers’ in previous segment).
Really.
Money still comes in, but not enough to pay everyone what they have been promised. The boomers are sucking it all out.
Look for tax increases or benefit cuts to come within 10 years.
Homebuying in the Inland Empire dropped by 22% year over year.
Not surprising, given that a 30 year mortgage is running over 7%.
Median home prices, though, are only down 4% to 5%.
James William Buffet died.
This is not news; most of you have likely heard this already.
What you may not have heard about is the estimated $1 billion empire that he built up over his lifetime.
More accurately, since the release of his song, Margaritaville, in 1977.
He also attended Auburn University. Attended, not finished; he didn’t need to.
Margaritaville-themed restaurants, hotels, retirement communities, and cruises were all part of “wasting away again in Margaritaville”.
There was even a musical production that was on Broadway: “Escape to Margaritaville”.
The Margaritaville Hotel San Diego Gaslamp Quarter opened its doors in August, and another one is opening in Lake Tahoe later this year.
Margaritaville Hotels & Resorts ranks first among Upper Upscale Hotel Brands, according to the J.D. Power 2023 North America Hotel Guest Satisfaction Index Study.
With a name like Margaritaville, how could it not? I think I’ll have to check it out. It’s been a while since I’ve been to Tahoe.
I’m guessing Jimmy is munching on a “Cheeseburger in Paradise” right about now, and somehow, his lost shaker of salt has turned up.
This time last year, I encouraged all of you to start planning for next year.
Well, you still should, but you might want to have a margarita first.
Adam
