Nope. That's not it. Try again.
Unemployment is at 3.9% (or close to that.)
And you are wondering why businesses can’t find people? Because everyone is working already.
You need to check the labor participation rate.
Nope. That's not it. Try again.
The unemployment rate only takes into consideration people that are working or actively looking for work. You also have to consider the labor participation rate, which is the percentage of work age people who are working or looking for work. Under Trump, the labor participation rate went up and unemployment went down. During the pandemic, unemployment went up and the participation rate went down. Under Biden, unemployment has gone down, but the participation rate has stayed low as well.
Because everyone is working already.
Everyone who wants to work is working.
Probably the question is not about a low unemployment rate, it’s about the workforce participation rate. It’s the participation rate that’s the problem.
Some say people left to find better jobs. But everyone is short of labor. Trucking, manufacturing, medical care, banks, restaurants, retail, everybody.
Some say it’s because people are living off their savings. But the stock market has shed trillions of dollars during this bear market, so that can’t account for the large number of unfilled positions.
You are right, there are people working. But there are only a few who actually go to work and they furiously try to keep up.
So there are two possibilities...either there are a whole lot of people who just don’t want to work and are not counted as unemployed...or they are dead. And it is true that more people are dying than usual and it’s not because of covid.
https://tobyrogers.substack.com/p/allcausemortality
So why are people dying? Lockdowns, vaccines, fentanyl?
Unemployment is at 3.9% (or close to that.) And you are wondering why businesses can’t find people? Because everyone is working already.
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Not sure you are correct on this point. I suspect the unemployment rate is low b/c millions have stopped looking for work, which is one way to keep the % low. After reading the dozens of responses, it seems that a huge bunch of baby-boomers opted for retirement b/c of COVID, etc., which probably created a huge employment vacuum.