Job openings outnumbered the unemployed by more than 2 million in July as companies struggled to fill a record number of vacancies, the Labor Department reported Wednesday.
That number swamped the 8.7 million level of those out of work and looking for jobs in July. JOLTS data runs a month behind the regular nonfarm payrolls report, which reported growth of 1.05 million for July.even as the total unemployed dipped to just shy of 8.4 million. From an industry standpoint, the rate jumped to 10.7% from 10.2% in the critical leisure and hospitality field, which suffered the most during the Covid-19 pandemic. Openings rose to 1.82 million, a total gain of 134,000 from June.
Novel idea: pay people better.
I have a couple positions that need filled. And by positions I mean holes. 😉
With openings outnumbering jobseekers, I’d say the Fed has absolutely no reason to continue stimulating job creation. Tapering (which should already be completed by now) needs to start ASAP, with rates to closely follow.
It seems as if the workers are gaining an upper hand.
Make sure the 10.9 million aren’t wildly over counted because all the job sites are advertising the SAME jobs
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Source: Variety - 🏆 108. / 63 Read more »