JOLTS Report Out

Rather unsurprisingly, given the Federal Reserve's ongoing attempts to foment a recession, employee turnover fell in June.

This is an indicator of a weakening of the job market, or maybe employers are being better to their employees ……… Yeah, right, employers becoming humane is a fairy tale ……… It's a weakening job market.

There were 9.6 million job openings in June, roughly the same as a month earlier, according to the Job Openings and Labor Turnover Survey (JOLTS).

Employers have tightened the screws on hiring in recent months, with job openings falling to their lowest level since April 2021 as the economy responds to tightening monetary policy.

The most notable changes in June were not in job openings but in hiring and quitting. There were 5.9 million hires in June, down from 6.2 million in May. And the quits rate, a measure of workers’ confidence in the job market and bargaining power, decreased to 2.4 percent, from 2.6 percent in May and down from a record of 3 percent in April 2022.

………

“We’re still in an economy where the labor market is unbalanced,” said Michael Strain, an economist at the American Enterprise Institute, “with the demand for workers substantially outpacing the supply of workers.” There are roughly 1.6 job openings for each unemployed worker.

 Gee, something around 1½ million dead, and at least 16 million currently with long Covid, that's not an "Unbalanced" job market that's a catastrophe that scum like Michael Strain cannot see as anything beyond an inconvenience for his rich patrons. (The article only mentions the pandemic as being something that happened before employers found it hard to hire people)

There is a "Worker Shortage" because the workers are gone, some of them forever, and some of them for a long time, but they are gone.

"The generator's gone."

"Any way we can fix it?"

"It's GONE, MacReady."