Posted on 01/04/2022 8:06:46 AM PST by SeekAndFind
After nearly a full year of massive, consecutive monthly increases in job openings as employers scrambled to find qualified workers, today the BLS reported that in the past few months, the number of job openings in the US finally reached a peak, and reversed materially in November, when the latest JOLTS Job Openings and Labor Turnover data showed the biggest drop since the peak of the covid Pandemic, as a whopping 529K job openings were lost in November, the most since the 1.139 million jobs lost in April 2020. Still, even with the big drop, the total number of job openings remains a massive 10.562 million (which was below the 11.1 million expected) and not too far off the 11.1 million all time high.
Looking at the details, job openings decreased in several industries with the largest decreases in accommodation and food services (-261,000); construction (-110,000); and non-durable goods manufacturing (-66,000). Job openings increased in finance and insurance (+83,000) and in federal government (+25,000). The number of job openings decreased in the South and Midwest regions
What we find remarkable is that even despite the plunge in job openings, as a result of the parallel collapse in unemployed people, there was a new record, or 3.7 million, more vacant jobs than unemployed workers in November, confirming that the US labor market remains painfully cracked.
And with far more job openings than unemployed workers, this meant that in November there were again less than 1 unemployed workers - a record low 0.6511 to be exact - for every job opening, down from 7841 in July, and down from 0.6689 in October and down from a record high 4.6 at the peak crisis moment last April.
Offsetting the modest drop in job openings in November, we saw a modest rebound in hiring: according to the BLS, hiring rose by 191K to 6.697 million, the highest since July's 6.761 million.
But perhaps the most interesting highlight of today's JOLTS report was neither the openings nor the hiring activity, but rather the number of quits, which unexpectedly soared to an all time high, jumping in November by 370K to a record 4.527 million.
Quits increased in several industries with the largest increases in accommodation and food services (+159,000); health care and social assistance (+52,000); and transportation, warehousing, and utilities (+33,000). The number of quits increased in the Northeast, South, and Midwest regions.
The quits rate of 3.0%, matched a series high last seen in September, as quits increased in several industries with the largest increases in accommodation and food services (+159,000); health care and social assistance (+52,000); and transportation, warehousing, and utilities (+33,000). The number of quits increased in the Northeast, South, and Midwest regions.
As a reminder, this "take this job and shove it" indicator is generally seen as a real-time proxy of how marketable employees think they are, as they tend to quit jobs and look for higher paying occupations when the job market is red hot. And since it tends to lag peaks in job openings modestly, the surge in quits was probably not all that surprising.
The mandates or the threat of them by woke companies are also having a very serious effect on early retirement and outright resignations.
And, how many flights are on the schedule to be “UN” scheduled today due to lack of workers. Uh, I mean bad weather. Yeah, winter storm Frida. Yeah, that’s it.
. . . and not a peep about “vaccine” mandates?
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I wish I could just quit my job- but I have bills to pay.
Maybe some people quit because they don’t like being discriminated against or having to prop up less productive employees. Its frustrating doing both your job and someone else’s work. Just saying.
Some companies actually seem to be making an effort to let employees understand that they are appreciated and are not mere cattle.
But plenty of companies continue to treat their employees as slaves tied to the plantation. Well, we’re seeing a Great Migration because nobody wants that plantation lifestyle anymore.
why work when the communists will just send you free money for sitting on your ass at home watching Oprah reruns and silly cat videos all day?
I saw that the guy who handled my contract work was advertising a number of jobs I was qualified for, I called him. He’s Christian and he won’t lie to me. We’ve known each other for two thirds of my 33-year career where I was both client of his services and a worker for him. He told me, “Yeah, those aren’t real. I have to have a stable of resumes so if someone calls looking for those skills, I have people I can send in to them.” I asked, how many of these not-real jobs do you think are out there. He said, “Right now? Probably ninety percent. I know I’m not getting any calls for help at all.” (This was during an economic downturn, not present day.)
What I’m telling you, is the government looks at the number of jobs advertised to determine what jobs are open and some unknown number of those jobs are not really there.
Other issues. I found a job advertised at a company where I knew insiders. I called an engineer to ask about the position. He told me that it had been filled internally and he was watching the guy move into the office right now. I told him; it was just listed today. He said, “Yeah, they have a legal requirement to post the job.” Again, not a real job opening.
Most of these articles, like the one here, simply aren’t true. How many of them are true and representing real data? I have no idea. But like many things today, on average, what reading isn’t true.
and porno
Plenty of Afghanis, Hondurans, Haitians and other assorted new americans to fill thes job openings...
It’s all coming to fruition. US citizens quitting their job, and at the same time, millions of illegals being welcomed to the USA.
It's so easy to slip back into trusting what you read and see because that is what one would expect and want.
I am going to give notice in 7 weeks after I receive my bonus. I have the BEST job I will ever have with great ppl and am well respected and paid. I am at the pinnacle of my career. However, the mental toll the last two years has had on me is exhausting and I am at a breaking point. The country is dissolving in front of my eyes. Society is changed so far beyond what is recognizable to me; I am so sad for my children and would like to be more available to them. I hope to spend my time making our family life as best it can be to compensate. I will pick up consulting work and be my own boss. Hopefully, we will thrive, not just get by! Wish me luck.
I am very scared bc I have worked my entire adult life and as I said, I am at the pinnacle of my career. But, I have four little kids, ages 6 to 15 and they need me. I cannot juggle the crazy anymore on top of watching the decay of my church and country. Too much emotional toll.
> I wish I could just quit my job- but I have bills to pay.
I owe, I owe, its off to work I go...
There is no such thing, nor can there by by definition, as an enterprise that pays their employees sufficiently and treats them well that has any difficulty filling an opening.
Anybody having a hard time hiring only needs to look in the mirror (or at the benefits and pay package offered by that entity).
After nearly 50 years in the work force, mostly being treated like crap but slaving away because that’s what you’re supposed to do if you don’t want to be a dirtbag bum (unless you have the talent to be an entrepreneur), I’m a few months away from a decent retirement, I played the game by the rules I was taught.
I envy the people who can make life miserable for the cheap SOB’s who think there is such a thing as an ‘entry level’ job, or other jerks who don’t want to pay a living wage.
I enjoyed seeing the ‘For Lease’ signs for two former employers who had the attitude “take or or leave it, this is what we’re paying’; may such jerks spend their last days sleeping in a tent under a bridge surrounded by winos.
Jab or Job is a big factor. Now the holidays are over and the axe falls on many more.
In STEM and Technology there is budget for about 10 million more workers today, with about only 3 million of those that are offshore eligible. Those incomes or offshore contractor costs are 2 to 5 times the US average 120k-250k, I would say Enterprise IT is 35% short on 2+ million workers to support the new set of Teleworkers, with 200k retirements from the worker group that came into the mad hiring run of 1988-1996.
My employer laid off 2-3% of the workforce in 2020-2021 due to covid just to hire the same people back as contractors at higher rates but be able to flex to aging workforces needs. It turned out to be a disaster because people did what was in their best interest. On top of skipping COLA/Performance Adjustments at the 2021 new year, retention in this enterprise went down hill fast.
The accountants just have to do something was the real basis it turns out. Turns out hold onto what you have was the theme of 2021. A good 70% of the positions are empty as the communications of the early retirement and come back as hourly guns for the next 2-3 year was heard as a an early exit program and play the field in contracting roles in our industry.
My departments average age is pushing 57 everyone I talk to is ready to move on from UT Engineering as soon as we can find a 35 year old US based enginner to replace ourselves in our specialized roles. We also see 2+ years of movement to simular jobs concentrated from July 2021 - now. Covid had people frozen in place for 16+ months.
There was a alreay a 10% shortfall in HR spending on current resoures they day Covid hit the US, the US IT market is tight with a lack of clean drug tests and experiance...there is another 15% out there burried in COVID changes. The only way to get that raise immediately is to change positions.
There is a entire class of professional with 25 years of experience looking a fast paced future that we did not train juniors for.
How did you know what I do every day?
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