Job Openings Down 1.1 Million

[RMNIXON]

Job openings plunged by more than 1.1 million in August










The number of job openings plunged by more than a million in August, providing a potential early sign that the massive U.S. labor gap is beginning to close.

Available positions totaled 10.05 million for the month, a 10% drop from the 11.17 million reported in July, according to a Bureau of Labor Statistics release Tuesday. That was also well below the 11.1 million FactSet estimate and was the biggest one-month decline since April 2020 in the early days of the Covid pandemic.

The number of hires rose slightly, while total separations jumped by 182,000. Quits, or those who left their jobs voluntarily, rose by 100,000 for the month to 4.16 million.

The Job Openings and Labor Turnover numbers are watched closely by the Federal Reserve, which is trying to reverse runaway inflation through a series of five interest rate increases this year that thus far have totaled 3 percentage points.

One primary area of interest for the central bank has been the ultra-tight labor market, which had been showing about two job openings for every available worker. That ratio contracted to 1.67 to 1 in August.


https://www.cnbc.com/2022/10/04/jolts-august-2022.html

[testsubjectalpha]

Kind of like finding out there are more Twitter 'bots' than anyone ever imagined. And Musk reaffirmed his bid today. Get ready for change Twitter.

Job openings plunged by more than 1.1 million in August










The number of job openings plunged by more than a million in August, providing a potential early sign that the massive U.S. labor gap is beginning to close.

Available positions totaled 10.05 million for the month, a 10% drop from the 11.17 million reported in July, according to a Bureau of Labor Statistics release Tuesday. That was also well below the 11.1 million FactSet estimate and was the biggest one-month decline since April 2020 in the early days of the Covid pandemic.

The number of hires rose slightly, while total separations jumped by 182,000. Quits, or those who left their jobs voluntarily, rose by 100,000 for the month to 4.16 million.

The Job Openings and Labor Turnover numbers are watched closely by the Federal Reserve, which is trying to reverse runaway inflation through a series of five interest rate increases this year that thus far have totaled 3 percentage points.

One primary area of interest for the central bank has been the ultra-tight labor market, which had been showing about two job openings for every available worker. That ratio contracted to 1.67 to 1 in August.


https://www.cnbc.com/2022/10/04/jolts-august-2022.html

[RMNIXON]

I guess this is boring news to most people. However it indicates the predictable post COVID job market growth is over as the Biden Recession begins to take hold of the jobs market.......

Good thing a record number of Americans no longer want to work I guess?

[carolina73]

The layoffs are happening in some of the largest employers. Meta, Amazon, Facebook, Automotive, Pelaton, Energy/Utilities...

[Section31]

The left can screw up a wet dream.

[RMNIXON]

The layoffs are happening in some of the largest employers. Meta, Amazon, Facebook, Automotive, Pelaton, Energy/Utilities...

Looks like a number of major Democrat Party donors who will be looking for Corporate handouts soon enough............

But us Free Market people are Crazy Right-Wingers!

[Chuck]

Shipping bottleneck over, wages still too low to keep the consumption up, no competition in most industries, no need to re-invest in production when they can just price gouge and lay it off on 'high fuel costs n stuff' and the public will buy it. So yeah, this bubble didn't last long. Periodic empty shelves reminiscent of Soviet era canteens doesn't make 'business' look too good or competent to people either.

[Peter1469]

Shipping bottleneck over, wages still too low to keep the consumption up, no competition in most industries, no need to re-invest in production when they can just price gouge and lay it off on 'high fuel costs n stuff' and the public will buy it. So yeah, this bubble didn't last long. Periodic empty shelves reminiscent of Soviet era canteens doesn't make 'business' look too good or competent to people either.

Wages are up. Inflation is up higher. The fix isn't higher wages. That would initially lead to more inflation / stagflation, then a deep recession with lots of job loss.

[carolina73]

And what bottleneck is over? We still can't get materials and labor. I'm running at half capacity because of those issues.

[Chuck]

Wages are up. Inflation is up higher. The fix isn't higher wages. That would initially lead to more inflation / stagflation, then a deep recession with lots of job loss.

Wages always lag inflation, they never lead it. In the case of 'minimum wage' it has lagged inflation by a huge margin since the 1970's, so the Right can't keep sniveling about 'poor people make too much money' and be taken seriously. The GOP loved outsourcing as many high productivity jobs as they can and replacing those they can't with green card workers for decades, so they can't snivel about imaginary 'labor shortages' and blame Democrats either.