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Today's #JOLTS data show that by the end of Sept—2 months after Senate Republicans let the extra $600 in weekly UI benefits expire—there were 5.4 million more unemployed workers than payroll job openings. The cruelty is mindblowing. People can’t get jobs that don’t exist. 1/
#JOLTS data also show hiring has slowed dramatically since May and June and is now roughly where it was before the recession hit. This is a nightmare given that we need to make up close to 12 million payroll jobs. 2/ https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
Another concerning thing in the #JOLTS data is that job openings are substantially *below* where they were before the virus hit (6.4 million at the end of September, compared to a 7.1 million monthly average in the year prior to the recession). 3/
The low level of job openings when we need to make up close to 12 million jobs is not a good sign for the pace of the recovery. 4/
Yet another bad sign in the #JOLTS data is that quits remain well below their pre-recession levels. A higher level of quits is a sign of a vibrant economy, where people are able move to jobs that are a better fit for them. We do not have that. 5/
Layoffs are now below where they were before the recession began, which is good. However, a layoff today is far worse than a layoff then, because the ratio of job seekers to job openings is more than twice as high (so the chance of finding another job quickly has plummeted). 6/
