AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Jun 10, 2019 15:21:07 GMT -5
The "New Normal" is over. Obama was a policy disaster which was compounded politically by the statements made by Obama and others in his orbit like, "...some of these jobs are just not coming back", his promise to "bankrupt the coal industry", and of course Hillary Clinton's catastrophic gaffe, "We're going to put a lot of coal miners and coal companies out of business.”... Anyway, politics aside- here we are. MAGAnomics: www.bls.gov/news.release/jolts.nr0.htmThe Job Openings and Labor Turnover Summary, aka “JOLTS report“, lags behind monthly employment reports by a month as the ‘hires‘ and ‘quits‘ are contrast against available job openings. In the latest JOLTS report we find evidence why the May employment numbers were less than expected. The data shows the economy is expanding; businesses are hiring; and the reason for lower new hires has nothing to do with an economic slow-down. In essence, the labor market is tight, very tight, and Main Street businesses are having a hard time finding qualified workers. According to the BLS stats overall job hiring in April was 5.9 million. That’s the largest number of people hired in the history of the JOLTS record-keeping (started in 2000). There are 7.45 million current job openings and only 5.82 million workers identified as unemployed. That means there are 1.63 million more jobs than available workers. This is a clear indication expanding economic conditions and a near ‘full-employment‘ position for the overall labor market. Additionally the quits rate is 2.3 percent, reflecting that workers are: (a) being recruited away from current employment to jump to other businesses; and (b) worker are confident about getting a job, and jumping into new jobs for higher wages/benefits. As a result, the strong ‘quits’ rate has historically been a precursor KPI for future wage growth stats.
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Jun 10, 2019 15:21:56 GMT -5
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,327
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Post by thyme4change on Jun 10, 2019 15:43:37 GMT -5
Maybe we should get some immigrants in here to help us with our labor needs
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