Bidenomics! Wheels Come Off The “Strong Jobs” Myth As Job Openings Drop To 2 year Low (Number Of Hires And Quits Plunge As Fed Withdraws Monetary Stimulus)

Confounded Interest ^ | 08/01/2023 | Anthony B. Sanders

[Kaiser8408a]

The wheels are coming off the Bidenomics recovery.

US job openings (JOLTS) keep declining as The Fed withdraws its Covid sugar splash of monetary stimulus and raise The Fed’s target rate.

For those enthralled by the narrative that AI will cause a margin-busting corporate revolution as millions of well-paid, middle-management employees are replaced by a cheap “bullshitting” AI algo, then today’s latest JOLTS report may come as a bigger shock than the big drop in job openings from one month ago. That’s because after unexpectedly dumping by 496K in May (a number which has been revised far worse of course), the BLS just reported that in June the number of job openings was practically unchanged, dropping by just 34K, to 9.582MM from a downward revised 9.616 million. And while the monthly change was modest after the downward revision of course, the total was dragged to the lowest level since April 2021.

The number was about 1.4 million below the 11 million from a year ago and below the consensus estimate of 9.6 million, a rare miss in a series which has been best known for decisively beating Wall Street’s expectations.

According to the BLS, the largest increases in job openings was in health care and social assistance (+136,000) and in state and local government, excluding education (+62,000). Job openings decreased in transportation, warehousing, and utilities (-78,000), state and local government education (-29,000), and federal government (-21,000)

The slide in the number of job openings meant that after rising to the highest since January 2023 in April, in June the number of job openings was just 3.7625 million more than the number of unemployed workers, the lowest since Sept 2021.

Wheels. Of massive corruption and debauchery.

[Kaiser8408a]

biden and wheels of corruption.

[Flavious_Maximus]

“... after the downward revision of course...”

And there is the money quote. /spit

[newzjunkey]

I wonder just how much of our current economy is lipstick on a pig. Inflation is still hitting hard and wages aren’t keeping pace.

[butlerweave]

Bidenomics had square wheels anyway

[Cletus.D.Yokel]

:: the largest increases in job openings were in health care and social assistance (+136,000) and in state and local government ::

Jobs with a net NEGATIVE input to the GDP.

:: Job openings decreased in transportation, warehousing, and utilities (-78,000) ::

Jobs with a net positive input to the GDP.

So, the people who found themselves unemployed due to the plandemic are now fully re-employed and employers are finding ways to make do.

This trend points to unsustainability.
Buy food and ammo.

[griswold3]

Job openings decreased in transportation, warehousing, and utilities (-78,000)
https://www.cassinfo.com/freight-audit-payment/cass-transportation-indexes/cass-freight-index
Indicates lower volumes.

[hinckley buzzard]

How healthy is an economy in which a major proportion of people are living on their credit cards.