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The Job Openings and Labor Turnover Survey shows declines in hires: As winter hits, the #Biden administration will be facing a mounting, not waning, crisis
https://www.epi.org/blog/the-job-openings-and-labor-turnover-survey-shows-declines-in-hires-as-winter-hits-the-biden-administration-will-be-facing-a-mounting-not-waning-crisis/
#JOLTS @EconomicPolicy
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https://www.epi.org/blog/the-job-openings-and-labor-turnover-survey-shows-declines-in-hires-as-winter-hits-the-biden-administration-will-be-facing-a-mounting-not-waning-crisis/
#JOLTS @EconomicPolicy
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Last week, the Bureau of Labor Statistics reported that, as of the middle of September, the economy was still 10 million jobs below where it was in February.
https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
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https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
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Job growth slowed considerably over the last few months and the jobs deficit in October was easily over 11.6 million from where we would have been if the economy had continued adding jobs at the pre-pandemic pace.
https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
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https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
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Today’s BLS Job Openings and Labor Turnover Survey reports job openings changed little at 6.4 million in September while hires and layoffs fell.
While the slowdown in layoffs is promising from 1.5 million to 1.3 million, the softening in hires is a concern (6.0m to 5.9m).
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While the slowdown in layoffs is promising from 1.5 million to 1.3 million, the softening in hires is a concern (6.0m to 5.9m).
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The U.S. economy is seeing a significantly slower pace of hiring than we experienced in May or June—hiring is roughly where it was before the recession, which is a big problem given that we have more than 11.6 million jobs to make up.
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And job openings are now substantially below where they were before the recession began (6.4 million at the end of September, compared to 7.1 million on average in the year prior to the recession). No matter how it is measured, the U.S. economy is facing a huge job shortfall.
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The latest data show that, on average, there were 11.8 million unemployed workers (mean of mid-Sept and mid-Oct) while there were only 6.4 million job openings (at the end of Sept). This translates into a job seeker ratio of about 1.8 unemployed workers to every job opening.
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Another way to think about this: for every 18 workers who were officially counted as unemployed, there were only available jobs for 10 of them. That means, no matter what they did, there were no jobs for 5.4 million unemployed workers.
https://www.epi.org/indicators/jolts/
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https://www.epi.org/indicators/jolts/
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And this misses the fact that many more weren’t counted among the unemployed. The economic pain remains widespread with more than 25 million workers hurt by the coronavirus downturn.
https://www.epi.org/blog/what-the-next-president-inherits-more-than-25-million-workers-are-being-hurt-by-the-coronavirus-downturn/
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https://www.epi.org/blog/what-the-next-president-inherits-more-than-25-million-workers-are-being-hurt-by-the-coronavirus-downturn/
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As winter approaches and families face eviction, hunger, and growing COIVD-19 cases, the Biden administration will be facing a mounting, not waning, crisis. We cannot wait: Congress must take immediate action to provide relief to those desperately trying to make ends meet.
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