In this episode of The Labor Brief, Julia Coronado is joined by guest co-host Nela Richardson, NABE Vice President and Chief Economist at ADP, to break down the latest employment data, comparing ADP’s monthly report with the Bureau of Labor Statistics’ official release. While both point to steady job growth, the conversation highlights growing volatility beneath the surface and questions about how much hiring is truly needed to keep unemployment stable.

Looking beyond the headlines, Julia and Nela explore how demographic forces—particularly an aging population—are reshaping labor supply in ways more significant than AI or cyclical demand shifts. From declining participation among older workers to persistent shortages in manufacturing and other hourly roles, employers are struggling to fill positions despite continued job availability. The episode underscores a fundamental tension in today’s economy: jobs exist, but fewer workers are willing—or able—to take them, pointing to a structural transformation in the U.S. labor market.NABE is the premier professional association for business economists and others who use economics in the workplace. Since 1959, NABE has attracted the most prominent figures in economics, business, and academia to its membership with highly-regarded conferences, educational and career development offerings, industry surveys, and its unrivaled networking opportunities. Past presidents of NABE include former Chairman of the Board of Governors for the Federal Reserve System, Alan Greenspan, several former Federal Reserve Governors, and other senior business leaders.