Biden strikes again.
Let the spinning begin …
JUST IN – U.S. job openings fell sharply in August — the biggest monthly drop since April 2020. pic.twitter.com/p9hdqsQhhc
— Disclose.tv (@disclosetv) October 4, 2022
Hey, we’re certainly not experts on this matter BUT job openings dropping by over a million in a single month seems like a kinda-sorta big deal. How about we let someone who does know what the heck they’re talking about talk about it?
August 2022 #JOLTS Report:
📉 WHOA! A huge drop in job openings. Down by over a million.
📉 Quits rate at 2.7%, private sector rate down to 3%
📈 Layoffs rate still low, but up at tick to 1%
— Nick Bunker (@nick_bunker) October 4, 2022
A HUGE DROP.
Guess we weren’t too far off in our ‘this looks kinda sorta bad’ summation.
BIG decline in the ratio of job openings to unemployed workers.
Fell from ~2 in July to 1.7 in August. pic.twitter.com/009mCd7K3X
— Nick Bunker (@nick_bunker) October 4, 2022
Quits rate held steady in August and is still elevate at 3% for the private sector.
The trends so far this year has been a steady decline, signaling a slight cooling in the labor market. pic.twitter.com/4tc0eUpUCU
— Nick Bunker (@nick_bunker) October 4, 2022
Keep in mind, Biden supporters keep saying our ‘strong jobs market’ is one of the reasons why they won’t call what we’re seeing right now a recession.
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Way to go, Biden!
Wait, our bad … LET’S GO BRANDON.
The decline in quitting had been very noticeable in Leisure and Hospitality and Retail Trade.
But there was a big jump in Leisure and Hospitality quits in August. The decline in retail is still happening. pic.twitter.com/iVFl2t9brp
— Nick Bunker (@nick_bunker) October 4, 2022
Wonder if this will change at all with seasonal hiring?
Interesting.
If it does you KNOW our pals on the Left and in the Biden administration will be quick to claim credit for it EVEN THOUGH retail hiring always goes up around the holidays.
Construction is now the sector that's seen the largest increase in its quits rate since the pandemic started, followed by the leaping Leisure and Hospitality sector. pic.twitter.com/vvrcgJp8iY
— Nick Bunker (@nick_bunker) October 4, 2022
Layoffs are still very low, even if they ticked up slightly in August. pic.twitter.com/kIdpKllbgR
— Nick Bunker (@nick_bunker) October 4, 2022
Hard to lay anyone off when you can’t find workers to begin with.
Just spitballin’.
Leisure and Hospitality employers are having a hard time holding onto workers given elevated quitting, so it's not surprising the layoff rate in that sector is very low by its standards. pic.twitter.com/QpqP8lshGv
— Nick Bunker (@nick_bunker) October 4, 2022
Hey, we sorta said that too.
We are so smart! S-M-R-T.
Check out the big brain on US.
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