Posted on 06/08/2021 8:49:47 AM PDT by blam
In case we needed more proof that the US labor market is in a historic supply-demand mismatch crisis sparked by Biden’s generous unemployment benefits, a few hours after the latest NFIB showed that it has never been more difficult for small business to fill job openings, moments ago the BLS confirmed what we expected: that the number of job openings in March (recall JOLTS is one month delayed) soared by a record 998K to 9.286MM in April from an upward revised 8.288MM in march, and the highest in the history of US jobs data!
The record number was also a record beat to the already lofty expectations of a 8.2 million print.
Looking at the details, the increase in job openings was driven by a number of industries with the largest increases in accommodation and food services (+349,000), other services (+115,000), and durable goods manufacturing (+78,000). The number of job openings decreased in educational services (-23,000) and in mining and logging (-8,000). The number of job openings increased in all four regions
Separately, in yet another indication of the record surge in demand for labor since the collapse last April when there were 18.1 million more unemployed workers than there are job openings – the biggest gap on record – the gap has since shrunk dramatically to just 526K in April, down from 1.4 million in March. Yes: despite the covid shock, there are just half a million more unemployed people than there are job openings!
As a result, there has been even more continued improvement in the job availability series, and in April there were jus 1.06 unemployed workers for every job opening, down from 1.19 in March, down from 1.35 in February and from 4.6 at the peak crisis moment last April.
Meanwhile, confirming the accelerating in the hiring picture as covid lockdowns were lifted, in April hiring surged for a 4th consecutive month to 6.075MM, up from 6.009MM in March.
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According to the BLS, hires increased in accommodation and food services (+232,000) and in federal government (+10,000). Hires decreased in construction (-107,000), durable goods manufacturing (-37,000), and educational services (-32,000).
Curiously, as hires soared, total separations also increased to 5.8 million (+324,000). The total separations rate was little changed at 4.0 percent. The total separations level increased in retail trade (+116,000) and in transportation, warehousing, and utilities (+60,000).
Finally, confirming the overheating in the labor market sparked by “Biden’s trillions” and the tsunami of unemployment benefits which has prompted a wave of revulsion toward work in general, in April the level of quits – or people leaving their job voluntarily due to better prospects elsewhere – soared by a whopping 384K to a record 3.985 million, after rising by 185K and 77K in the previous two months. The number of quits increased in a number of industries with the largest increases in retail trade (+106,000), professional and business services (+94,000), and transportation, warehousing, and utilities (+49,000).
Biden sees no evidence all the free money being doled out has anything to do with people not wanted to work so it cant be that.
If they quit their jobs voluntarily then in most states they can't collect unemployment.
Yeah. All that “free” money. There couldn’t possibly be any strings attached to it.
1. I agree wholeheartedly that the free money bit is detrimental.
2. There's also the fact that a lot of folks were practically forced to not work for a while. Whether or not they collected more in unemployment than their old paycheck, the fact is it created a habit of avoiding work.
3. Even before the china virus there was an issue with today's young adults avoiding work more than the generation X did as young adults, which was more than the boomers did, which was more than the greatest generation did. Basically, our work ethics have been declining for at least 70 years with each generation.
4. Don't forget the massive boomer generation being ready to retire. As each year goes by we have more and more people saying they're too old to work, they've done their due. And they're right -- I don't blame them. I'm doing retirement planning myself. I'm just saying they get counted as "quitting" in many of the labor statistics.
Solzhenitsyn wrote about it. Collectivism is an economic model which fails to consider human psychology in its plans. Give a man free stuff and he will quit working.
Muzzles have something to do with it in NYS.
Not all part-timers work because they have to do it.
For some who can choose, muzzles are reason to refuse to do it.
Nobody wants to work for a Chamber Of Commerce Small business at the wages being offered.
Another $3600 in July? Tell me that’s not right.
https://freerepublic.com/focus/f-news/3965957/posts
Just 6 of Austin, TX’s city 34 pools are open due to lack of lifeguards. Easy job, lots of power and can look at bikinis.
The help was doing the best they could, but I finally got our order about 10 minutes before boarding time. Other passengers weren't so lucky an abandoned their orders to catch flights. The food was pretty tasty, though, even at airport prices.
I know a company that hired 45 people since January.
They have less than 5 more employees on staff today than they did in January.
“Another $3600 in July? Tell me that’s not right.”
It’s not right. It’s $300 per month. Rather than waiting till you file your taxes to get the child (under 6 yrs old) credit they are piecing it out.
Living this right now.
Pay well above average. Still having trouble getting people in the door.
On the other side, my real estate taxes are skyrocketing.
I just want to beat on my drum all day.
They’re paying me to do it.
‘IMHO there are multiple factors at work here:”
5. Stolen elections might cause some to opt out.
“people leaving their job voluntarily due to better prospects elsewhere”
Sounds like a flexible and dynamic economy at work.
If your offered “job” doesn’t support a pay scale a worker can afford, automate or go out of business.
$10 an hour to bang nails in the hot sun for 10 hours a day is NOT a good gig, even for a HS kid.
Pay more, get more quality hires.
Pay less, and hire your illegals.
Job creators choice.
They referred to the agency as We Putter Around and told me that the knob provided on the government issued shovels to keep the wood in the handles from splitting or splintering was derisively referred to as a "WPA chinrest."
Still, even the most indolent of WPA employees outworks most of what we have today!
People who resign are usually moving on to a better job at higher pay. If employers are offering sign-on bonuses, then that encourages lateral moves, too. So you would expect to see a lot of turnover when employers are desperate for workers.
As workers move up, the worst and lowest-paying positions will be left behind. Those employers will have to find inexperienced people, and persuade them to enter the labor force. Some undoubtedly will.
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