New Low: Only Eight Million Americans Unemployed AND Desperate Enough To Take Your Crappy Job

Shutter z /
Shutter z /

In the realm of employment statistics, there was news about a notable decrease in vacant jobs in the United States during April. According to data released by the Department of Labor, these numbers dropped to approximately 8.059 million.

Economist expectations had anticipated around 8.4 million unfilled positions; however, the actual figure surpassed even those who predicted a less optimistic outcome. It should be noted that the previous month saw a revision to 8.355 million from earlier reported figures.

Over the course of the preceding twelve months, the total count of available jobs has decreased significantly – by nearly 1.8 million. As a result, the ratio between vacancies and the pool of unemployed individuals reached levels observed prior to the COVID-19 crisis.

A softening labor market may lead some Fed policymakers to view potential reductions in inflationary pressure. Consequently, speculation surrounding possible interest rate adjustments later this year persisted.

Job opportunities dwindled across industries such as construction, manufacturing, IT, healthcare, leisure & hospitality, and government sectors. Despite retail trade experiencing growth, other areas including finance and professional businesses experienced substantial increases in openings.

Meanwhile, worker separations remained relatively stable at 3.5 million. No change occurred within the quit rate, which stood firm at 2.2%. Historically speaking, the present quit rate remains higher compared to times predating the global pandemic yet aligns closely with conditions prevalent only two years ago.

Biden, of course, will turn this into a great thing to give himself a hefty pat on the back. however, is it possible that the 8 million positions are ones that no one REALLY wants?