BIDEN ECONOMY: August Job Openings Post Biggest Drop Since COVID Shutdowns in April 2020
Job openings in the US declined to the lowest level since the COVID shutdowns in April of 2020. This is Biden’s economic disaster.
Markets Today reported on the reduction in job openings and said this might be good news for investors [emphasis added]:
Job openings in August unexpectedly plunged to the lowest level in more than a year, marking what could be a long-awaited sign that the red-hot labor market is finally starting to cool as a result of the Federal Reserve’s interest rate hikes—a welcome development for investors but a concerning sign for the millions of unemployed Americans.
There were 10.1 million open jobs at the end of August—plunging by 1.1 million from one month earlier for the biggest one-month drop since April 2020 and falling well short of projections calling for nearly 11.1 million openings, according to the Labor Department’s job openings and labor turnover report released on Tuesday.
The largest decreases were among the health care, services and retail industries, with openings falling by 236,000, 183,000 and 143,000, respectively, as the number of hires remained little changed at 6.3 million.
In emailed comments, Pantheon Macro chief economist Ian Shepherdson called the data “the first clear sign of weakening labor demand” and potentially an “ominous sign” for job growth early next year, but he also said the data, if similar conditions persist, could pressure the Fed to ease up on aggressive interest rate hikes that have slowed economic growth and hit stocks hard.
Of course, if the Fed decides to ease up on interest rate hikes then inflation will continue unabated. This isn’t good news with inflation at 40-year highs.
Biden’s economy is a nightmare. Americans are suffering and the America haters in the Biden Administration don’t care.
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