Posted on 05/11/2021 9:17:35 AM PDT by SeekAndFind
In case we needed more proof that the US labor market is in a supply-demand mismatch crisis, 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 massive 597K to 8.123MM in March from an upward revised 7.5MM in February, and the highest on record!
The actual number was a 6-sigma beat to already lofty expectations of a 7.5 million print.
Looking at the details, the increase in job openings was driven by industries with the largest increases in accommodation and food services (+185,000); state and local government education (+155,000); and arts, entertainment, and recreation (+81,000). The number of job openings decreased in health care and social assistance (-218,000). The number of job openings increased the most in the Northeast and Midwest 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 2.6 million in February, down from 3.2 million in January. Yes: despite the covid shock, there are just 1.6 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 March there were 1.19 unemployed workers for every job opening, 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 March hiring surged for a 3rd consecutive month to 6.009MM, up 215K from 5.794MM in February.
According to the BLS, hires increased in state and local government education (+62,000); educational services (+31,000); and mining and logging (+17,000).
Curiously, as hires soared, the number and rate of total separations actually declined by 107K to 5.322MM. The total separations level decreased in construction (-82,000) and in state and local government education (-25,000).
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 March the level of quits - or people leaving their job voluntarily due to better prospects elsewhere - rose by 125K to 3.508 million, after rising by 77K in the previous month. The number of quits increased in accommodation and food services (+63,000) and in information (+16,000). Quits decreased in state and local government education (-19,000)
#ThanksBiden
Why work when the Dems give you money to stay home and watch pr0n?................
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I’m at an age (65) when a lot of companies would be tightening the screws and suggesting that I retire. Instead, they just gave me a substantial raise and asked me to sign on for at least another year.
Sorry. But it’s not that they don’t want to work. It’s just that they’ve done the math and it is more beneficial to take the unemployment than to actually take the job.
Problem is the productivity of the US will suffer greatly. Job skills have been lost. A major retraining will be needed as in showing up on time, actually finishing your shift, etc...
still confused about JoeHO statement about benefits for working part time and drawing your unemployment. Is that possible?
I’ve gotten about 20 hours of overtime per week the last two weeks because my company can’t hire anyone.
Biden gets 100% of the blame.
If I had an easily replaceable job, and I was told I’d get 20% more to stay home and not work? Well, that’s not a hard one to figure out.
If I were good at making memes, I would create biden with a blue MIGA HAT on his head. “Make Inflation Great Again.”
Could also mean, ‘MISERY INDEX GREAT AGAIN!’
Inflation is about to hit the fan. We need to pin this clearly on the idiots running the show now. This is on the dems.
Even some of the most ignorant democrats, if they see such meme, may start to pin this on biden as they find they’re paying a lot more for goods and services.
Waiting for central_va’s standard One Trick Pony “Pay more money” comment in 3 . . . 2 . . . 1.
Job openings are up
Unemployment is up
We must be a Democrat in the White House
Lucky you!
What is not being talked about is the fact that most employers are forcing employees to wear masks all day. There are a lot of people that feel that wearing a mask over their face for extended periods of time is a serious long term health risk. We need states to mandate no employer or business be allowed to force employees or customers to wear masks. This needs to be 100% a personal choice.
My ready acceptance of the notion that generous unemployment benefits are making potential workers less likely to rejoin the labor force is exposing me to criticisms that I hate the unemployed, lack empathy and am an elitist Republican swine.
The fact is, I would question the sanity of anyone who, given the choice, would go work at McDonalds for 12 dollars an hour versus staying at home doing nothing for 20 dollars an hour.
And of course, the unemployment is tax free and has no FICA withholding.
I am also hearing that the Dems fully anticipate extending the Federal 300 dollars a week on past expiration at end of August, and the federal ongoing subsidy to state benefits, too.
and how does the government Bureau of Labor Statistics *know* all this about small business hiring (they’ve certainly never contacted or got any info from me)? how much small business is underground at this point? and actually, why would i even assume that the gov’t is an honest counter at this point?
it’s always amazing to me that people accept these gov survey/polling/statistically based “counts” on complete faith, like it’s fact, just because they publish it.
Half right. Unemployment is taxable income at the state and federal level.
Biden already said they dont see much correlation between his policies and the lack of folks willing to do the work.
this of course is complete BS, but it is paving the way to allow more illegals in the country to do the work US workers wont don.
Sorry. But it’s not that they don’t want to work. It’s just that they’ve done the math and it is more beneficial to take the unemployment than to actually take the job.
Problem is the productivity of the US will suffer greatly. Job skills have been lost. A major retraining will be needed as in showing up on time, actually finishing your shift, etc...
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Nailed it. Economically, it makes sense to stay home and make *more*. however, after 6 months or a year, such a person is going to lose their ‘edge’ lazing about the house.
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