Unemployment to Be Around 4% Next Year: ADP's Richardson

The video discusses the current state of the American payroll, highlighting a fragmented yet solid structure with declining wage growth. It explores the dynamics between wages and inflation, noting that while real yields may rise, wage growth is primarily seen in low-skilled sectors. The labor market is shifting, with small firms driving job creation. Economic forecasts suggest a slight increase in unemployment, influenced by persistent labor shortages and demographic trends, which could be inflationary.

Discuss the implications of low wage growth for low-skilled workers.

What is the expected unemployment rate in the coming year according to the discussion?