MAGAnomics – JOLTS Report: Record High Employment – Available Jobs Exceed Labor Pool by 1.6 Million…

The Job Openings and Labor Turnover Summary, aka “JOLTS report“, lags behind monthly employment reports by a month as the ‘hires‘ and ‘quits‘ are contrast against available job openings.

In the latest JOLTS report we find evidence why the May employment numbers were less than expected. The data shows the economy is expanding; businesses are hiring; and the reason for lower new hires has nothing to do with an economic slow-down. In essence, the labor market is tight, very tight, and Main Street businesses are having a hard time finding qualified workers.

According to the BLS stats overall job hiring in April was 5.9 million. That’s the largest number of people hired in the history of the JOLTS record-keeping (started in 2000). There are 7.45 million current job openings and only 5.82 million workers identified as unemployed. That means there are 1.63 million more jobs than available workers.

This is a clear indication expanding economic conditions and a near ‘full-employment‘ position for the overall labor market. Additionally the quits rate is 2.3 percent, reflecting that workers are: (a) being recruited away from current employment to jump to other businesses; and (b) worker are confident about getting a job, and jumping into new jobs for higher wages/benefits. As a result, the strong ‘quits’ rate has historically been a precursor KPI for future wage growth stats.

(via CNBC) The total number of workers hired rose to a new high in April, according to Labor Department data released Monday. But despite this, the amount of available jobs still vastly outnumbers unemployed workers.

Hirings increased to 5.9 million for the month, a gain of 240,000 from March, the Job Openings and Labor Turnover Survey indicated. The hiring rate rose to 3.9%, an increase of one-tenth of a percentage point. The total hirings was the most recorded in the data series’ history going back to December 2000.

On the openings front, the gap between vacancies and available workers continued to be huge.

Openings for the month actually decreased slightly, falling 25,000 to 7.45 million. However, workers that the Bureau of Labor Statistics classifies as unemployed declined by 387,000 to 5.82 million, leaving the gap at about 1.63 million. (more)

There has never been a better time for middle-class U.S. workers to explore a new job.

Many companies are adding incentives for new workers with a strong work ethic, including: higher wages, sign-on bonuses, higher benefits, work-time flexibility and training programs for qualified candidates.

The wage gains for blue-collar non-supervisory workers are far exceeding the wage growth for supervisory positions.  This Main Street economic growth is specifically benefiting workers without college degrees; and in many cases the financial opportunity for skilled blue-collar jobs is far exceeding the benefits of college debt.

Despite the professional doomsayer predictions from the professional financial class of Wall Street investment punditry, Main Street is upbeat and consumer confidence is strong.

Never is the disconnect between Wall Street and Main Street more visible than in the predictions -vs- reality for the growing/strengthening American middle-class.

The professional financial punditry can’t explain it.  Flummoxed academics run around bumping into walls amid economic numbers that continue to defy expectations.  All caused by a simple return to common sense ‘America First’ MAGAnomics.

Low unemployment (3.6%); wages growing (+3.2%); inflation stable (1.6%). These measures all have a cumulative impact on paycheck-to-paycheck Americans. Prices for durable goods are stable and wage growth is exceeding inflation. That means more disposable income in the middle-class…DUH. When combined with the increased take home pay from lower tax rates, is exactly the intended outcome of MAGAnomics.

 

Advertisements
This entry was posted in Auto Sector, Big Government, Donald Trump, Economy, media bias, President Trump, Trade Deal, Uncategorized, US dept of agriculture, US Treasury, USA. Bookmark the permalink.

69 Responses to MAGAnomics – JOLTS Report: Record High Employment – Available Jobs Exceed Labor Pool by 1.6 Million…

  1. Chip Doctor says:

    Thanks Sundance. So glad to find a different branch to hang out on!

    I am having an increasingly difficult time finding good employees. My highest earner in a labor type position made 6 figures. While frustrating as a business owner, it is truly a sign of an expanding economy. I’ll take my problems on the hiring side for the smokin’ hot economy. MAGA.

    Liked by 13 people

  2. I ain’t no ways tarred of winning.

    Liked by 15 people

  3. Maga Truth Seeker says:

    Now is the time for Trump and the Government to start weeding out the abled body welfare recipients from the system. There is no reason for an 18-65-year-old individual to be on the system because they can’t find a job. Once we push these welfare recipients out of the system do we then look at bringing in additional talent from overseas.

    MAGAnomics is strong.

    Liked by 14 people

    • Landslide says:

      Good plan. 👍🏻🇺🇸👍🏻🇺🇸

      Liked by 1 person

    • The Demon Slick says:

      I think a lot of people went on disability because they were desperate. Laid off, no prospects, and unemployment ran out. But now they’re sort of trapped there because of existing laws. I think we need to offer like an amnesty program, come forward, fess up, get a job, no more checks come and all is forgiven. Sure some people are just lazy freeloaders, but we can get back the good ones.

      Liked by 5 people

      • spren says:

        There is much truth in what you said about people going onto disability as an economic defense mechanism. My company was completely re-ordering their IT functions and they started to layoff or re-badge existing employees to their outside vendors such as IBM and Accenture. They started cycling in temporary contractors from India for six-month assignments after which they would return to India while a new group was beginning their six-month tour.

        Many of the employees who knew they were going to be negatively impacted found that claiming disability was their safety net. You are right that possibly many of them would return to the labor force if they weren’t restrained by their current situation.

        Liked by 1 person

        • Gucci says:

          Not a uncommon story- F**k Praheet, I refused to train him and quit before handing over any IT knowledge base on the networks I was maintaining. .

          Like

    • wwonky says:

      Hunger is a real motivator. I would put the homeless on work farms without a choice. Cheaper than prison. Screw the ACLU.

      Liked by 2 people

    • whoseyore says:

      Not to mention all of the illegal immigrants on welfare. According to the story below by Brian Kolfage. New Mexico gives emergency welfare to all illegals without having to go through the normal process that American citizens do and they get a $1,000 EBT and $200 per child (yes this is why they bring children in…this and DACA) that is paid every month right up until their court date which can take 5-6 years.

      I do believe our president is going to do something to take care of this, we just need to get the vote out for him and pray that he does something about illegal voting before 2020.

      Liked by 2 people

      • Gucci says:

        Really? What do you suppose these illegal invaders would do if the money was cut off? That’s right…come for YOUR stuff.

        Like

        • Rick says:

          Oh, please. That isn’t a serious concern. If the money is cut off, millions upon millions of them will go home. They won’t form Mad Max roving gangs.

          Like

        • whoseyore says:

          I am really surprised that I have to explain this, but the money is what draws them. Cut it off and there is no incentive to come.

          Like

  4. Deplorable Saint says:

    This news makes me want to go back to work after having retired three times, the latest of which was March 30, 2012. I worked in energy field for 46 years. All four of my children have good jobs. Best time in my life of almost 74 years to get a job. I wonder !!!

    Liked by 3 people

  5. FL_GUY says:

    President Trump told everyone he’d be the greatest job President, ever and he has proved it over and over. The D-Rats, O and the media-rats laughed when Trump campaigned on it. Whose laughing now? The intellect of the Leftist brain trust makes Forest Gump look like Einstein.

    Liked by 8 people

  6. rashomon says:

    Hey, my freshman in college just found a summer job at $20/hour wading through code. Not bad. A 70-y.o. neighbor is getting $14.85 for home caretaking, — no heavy duties, but light laundry, meal prep, grocery management, houseplant management, organizing mail. Jobs are out there.

    Liked by 8 people

  7. Skippy says:

    I am thankful each and every day for the jobs President Trump brings to the USA!

    Liked by 3 people

  8. Dee Paul Deje says:

    but but but Russia.

    Liked by 3 people

    • margarite1 says:

      The rats are insane for trying to impeach a POTUS who is doing a beyond fabulous job.
      I’d say he is surpassing Reagan who was until now the best POTUS in my lifetime. And Trump is doing it with giant headwinds – just imagine if he didn’t have the crazy rats trying to oppose our success.

      Liked by 10 people

      • spren says:

        It’s incomprehensible what Trump could’ve already accomplished if he had a solid majority in congress rowing his way. The wall would’ve been built, immigration laws would’ve been strengthened and clarified, the Korean War would be over and the peninsula would’ve been re-unified, and the re-ordering of the ME would be further ahead.

        Trump has accomplished more things, in spite of the headwinds he’s faced, than just about any president in modern history. And in less than three years of his first term. None of the other Republicans could’ve approached his level of accomplishment, and unfortunately I don’t see anyone on the bench who can replicate Trump’s style.

        Liked by 4 people

  9. snarkybeach says:

    and last weekend, everywhere you turned, a simpering journo would be gleefully yakking up recession and/or the “poor jobs report.”

    Liked by 6 people

  10. Dennis Leonard says:

    Sundance said this,
    “Many companies are adding incentives for new workers with a strong work ethic, including: higher wages, sign-on bonuses, higher benefits, work-time flexibility and training programs for qualified candidates.”

    “New York (CNN Business)America’s top retailers are trying to outmatch each other with new employee benefits to attract workers as unemployment hovers near its lowest level in decades.
    On Monday, Target announced it will strengthen its child care benefits and expand paid family leave for 350,000 part-time and full-time hourly employees across stores, distribution centers and headquarters.
    Employee turnover is disruptive for retailers, which are locked in a tight battle to squeeze out sales in stores and online. So companies are stepping up pay and perks to keep existing workers and attract new ones.
    Target (TGT) has raised its starting wage to $13 an hour and also pledged to take it up to $15 an hour by the end of 2020. Costco (COST) and Amazon (AMZN) have also moved to $15 an hour. Walmart (WMT) raised its minimum wage to $11 an hour last year, and CEO Doug McMillion hinted last week that Walmart will raise its minimum wage “floor” in the future. The average wage of a full time, hourly worker at Walmart is $14.26, according to the company.”

    Like

    • Dutchman says:

      But, muh MANDATORY $15/HR….
      HA HA!
      As anybody with a brain figured out a long time ago, its not simply your income, its income related to outgo.

      My whole life, due to inflation, the cist if housing, food, etc would go up throughout the year, and THEN I would get my cost of living raise.

      First time I have ever seen that reversed, and its sweet. In addition, I was a WORKER, not a manager (NOT that theres anything WRONG with that) but its NICE to see the people ACTUALLY producing the product, DOING the WORK, having there wages increase. Long overdue.

      Liked by 4 people

    • GGHD says:

      Sundance, also said this:
      “Never is the disconnect between Wall Street and Main Street more visible than in the predictions -vs- reality for the growing/strengthening American middle-class.”

      “The professional financial punditry can’t explain it. Flummoxed academics run around bumping into walls amid economic numbers that continue to defy expectations. All caused by a simple return to common sense ‘America First’ MAGAnomics.”

      Couple great style with the great economic facts highlighted by Dennis Leonard, results in a great script, for a documentary on ‘How Trump Made America Great Again.’
      We need to pray for the continued health and success of President Trump.

      Liked by 1 person

  11. donnyvee says:

    I was/am really pissed off that the number left out of the so called ‘poor’ jobs report was 299,000. That is the number of folks who moved last month from part time to full time jobs. That number is H U G E ! ! (I wish I could type it bigger!)

    Liked by 4 people

  12. Publius2016 says:

    Millennials will be part of the greatest expansion since the greatest generation! the key is PEACE!!

    Why invest in China where they steal your intellectual property and give you only land leases! America is open for business!!

    Liked by 4 people

  13. Tseg says:

    On My Windows 10 system I have the pre-installed Business News app I access just because it is convenient to see how the market is doing… but the news stories are powered by Bloomberg. You would think we are in a great depression. Here are some headlines: Bulls beware: The 2020 oil market is quickly turning ugly; The South’s economy is falling behind: ‘All of a sudden the money stops flowing’; ‘Bad for business’: Executives sign letter against abortion bans; NRA money flowed to board members amid allegedly lavish spending; US wind energy industry is booming, but tariffs pose a threat; This famous video game retailer is falling apart.
    I used to think I was a successful contrarian because I was clever, but now I realize that when things are good for Republicans, the Fake News portrays as bad; when things are bad for the Democrats, Fake News portrays things as good. The only time they are right is when things go South under the Republicans… in the last 50 years only at the tail end of both Bushs’ presidency, and only once did things go good for Dems… the Dot.com bubble…

    So the Fake Business News has been correct about the economy about 3-4 years in 50.

    Liked by 5 people

    • dallasdan says:

      Bloomberg is notorious for cherry-picking negative elements of favorable economic reports and under-reporting good news or quoting an analyst who is consistently wrong. Don’t waste your time with them.

      Liked by 1 person

  14. Stringy theory says:

    I live in a town of about 5,000 folks in eastern NC. Walked by the local hardware store this morning and noted cards posted by several construction companies looking to hire. Thank you President Trump.

    Liked by 7 people

  15. Finbar O'Shaunnessey says:

    Occam’s Razor: The simplest solution tends to be the right one. Put someone in charge who knows what they’re doing.

    Liked by 10 people

  16. redline says:

    Never in my life have I seen so many “Help Wanted” signs in so many windows. I’d bet the people who make those a having a lot of trouble finding enough people to run their sign-making machines.

    Liked by 4 people

  17. Louisiana Tea Rose says:

    Sundance, do you just get tired of accolades? Do they even have any meaning for you at this point? I certainly hope so, because I think we all must agree that the pictures along with the word create that which is so much bigger than the sum of its’ parts.

    This is one of my all-time photos of our President. And it always gets me afresh, at a visceral level, the way you have an emotional response before you actually break your feelings down and make the appropriate attributions.

    Like so many of the pictures you post to fill in, outline, and illustrate, and color the information you bring to us, this one gets me every. single. time.

    Pretty much says it all, doncha think?

    Sundance, thank you.

    Liked by 2 people

  18. Mncpo(ret) says:

    From SC: My roomate just “drug up” (quit) on a construction job (hotel) because they wouldn’t give him a raise. He’s an Electrician’s HELPER, was getting $18.50. Within 4 hours he was hired by another construction company for $21.50 (school) doing the same job. Things are BOOMING down here.

    Liked by 5 people

  19. @ChicagoBri says:

    It’s A Kind of Magic

    Liked by 1 person

  20. StanH says:

    Now it all makes sense! This is why the democrats want to impeach him, they may have to get jobs.

    Nothing scares a bum more than the thought of gainful employment.

    Liked by 6 people

  21. ristvan says:

    This news is a nice confirmation of stuff discussed a few days ago. Means net wage increases will accelerate toward a PDJT re-election landslide. Trumplicans must retake the House. Then we can finish proper immigration reform, and infrastructure in 2021+.
    Meanwhile, Mexico USMCA and immigration, China trade, NoKo and Iran nucs are being sorted.

    Those things get done, PDJT starts on EU trade, IMO after 10/2019 Brexit. Too messy to begin before, with Merkle and Macron both wobbling. Plus, the more EU slides into self induced recession, the faster and easier the EU trade job becomes.

    Liked by 6 people

  22. Athena the Warrior says:

    This was my thinking last night and its a problem that requires a private-public partnership to solve. I believe there are hundreds of thousands likely millions of people who are: 1. Stuck in poor growth areas (liberal run areas) but don’t have the financial means to move due to still recovering from the Obama years. 2. Need retraining 3. A combination of both.

    I also believe that companies need to ease off of some of the job requirements and work with potential employees who are motivated to learn. This will be a win-win for both. Instead of giving illegals and refugees tax payer money, help out citizens who need help moving and/or getting retrained.

    Liked by 2 people

    • snarkybeach says:

      I believe the biggest problem is finding employees that can pass a drug test…

      Like

    • TheLastDemocrat says:

      This is what I puzzle over.
      There are “poor areas.” An “explanation” for “unemployment” is that “there are no jobs here.” “Employers wont locate here.”

      Well, then move!

      I relocated a couple of times with very little besides a college degree, a good resume, and references. This is how I did my climb up the ladder from mowing lawns to being a professional with a decent, stable income.

      I did not sit around and expect that the welfare state should sustain me where I wanted to live.

      Just as my immigrant ancestors could immigrate to US if they had a job lined up, and or had a resident swear they would vouch for the immigrant: the United States could support your relocation if you have an employer to vouch for you moving. Frankly, I think my relocations took $2,000 by time you rent moving van, set up new utilities, etc.

      So, if you are in an “economically depressed” (AKA Democrat stronghold), you get $3,000 to move to a promised job, in a region with decent economy. Maybe max once every three years, max three times in your life. Kicker: you cannot get any welfare on the other side for 3 years.

      Max cost to the rest of us is $9,000. When working, this would cover itself in tax revenue from a working person.

      All entirely optional. If you want to sit around on welfare, you opt for that, versus the relocation/job deal. Making it an option gets around the Communists crying about kicking people off of welfare (crying about losing voter blocs), etc.

      Like

  23. spren says:

    Excellent article describing new reality in the labor markets. I was just thinking yesterday about the levels of churn (turnover) that many businesses must be facing. Besides the booming economy and abounding potential new opportunities available, the structural changes that have taken place due to ridiculously low interest rates leading to the elimination of private defined-benefit pensions (and other benefits) have reduced the attraction and loyalty of workers to remain long-term with the same employer. You don’t lose much by changing jobs and you probably gain in income. Maybe you lose credit towards vacation, but you can probably negotiate favorable terms with your new employer.

    But as an earlier person posted above, this labor shortage is a great problem for employers to have as it certainly beats the alternative where business is contracting and you need to reduce your labor force.

    Liked by 1 person

  24. Baby El says:

    We’re gonna need a bigger boat!!!

    Like

  25. Paul B. says:

    I feel like I’m in an alternate reality. One headline says available jobs exceeds the labor pool by 1.6 million; the next talks about efforts to impeach the president who brought us out of the doldrums. How long can the Crats get away with this ridiculous inversion of reality? How long can the corrupt media run effective cover for them?

    Liked by 1 person

  26. Searkreb says:

    I know it’s a good thing but how do employers who are in mature industries fill these open positions with someone who can pass a drug test?

    Like

  27. namberak says:

    As an old reformed hippie let me just observe — this is so cool ….

    Liked by 3 people

  28. SharonKinDC says:

    And… when the 80+% of the population in the ‘Main Street’ economic strata have more disposable income, their increased spending continues to fuel expansion. Especially in ‘Main Street’ sectors, tourism/entertainment/hospitality, home improvements/furniture/durable goods.

    Like

  29. unconqueredone says:

    My son is a good worker and learns fast. He just graduated HS and told his well-known fast-food employer he planned to leave for roughly a 20% raise at the new employer. The store GM called in the regional manager who promptly agreed to match the increase, see he gets college $$$ from their program and expressed the intention of pushing him into “management school” if he wants it.

    This would all be great, but I have my own business and can’t afford to hire my own kid!

    Like

  30. CM-TX says:

    GREAT! That means there’s plenty of jobs in the private sector for all those Gov crooks, endlessly sponging off the taxpayers.

    Now we won’t have to feel bad if all the corrupt agencies were to suddenly close-up shop. It’s not like their absence would be missed, quite the opposite actually– the country, if not the world would thrive.

    Meanwhile, panels of Deplorable’s could start Performance Reviews on all of our former employees. Many will be found in need of further prosecution. Others will have justify having stood idly by, while crimes against humanity occurred all around them.

    By this point it’ll become clear for most, these bloated agencies only served to weight us down. Win-Win.
    Congress can be next!
    😉

    Like

  31. Gucci says:

    I retired from IT 2 years ago. I am being bombarded with job openings. Problem is, now they want to see if they can get someone like me (highly qualified with great references) to work the same job I was doing before retiring, for 20% less wages. NOT gonna do it.

    Like

  32. digleigh says:

    With big business, and medium business needing workers, I have a suggestion…. The college and career readiness puts the training costs onto the taxpayers ( already paid in public schools for education!!) as we build new ninth grade career academies, tech. schools, etc… As a nurse , we were retrained on new technology machinery, and computers every 3 to 6 months as tech. gets ahead of training!!, and the hospitals covered the training ,because they kept buying the “new stuff” sold by the companies pushing the “next best thing”… By the time, these kids(tech. schools etc… get out, what they learned may be obselete!! I say, quit the social engineering in public schools and get back to basics, math, reading, etc… Kids are not very literate in many areas, (I keep hearing calls from those trying to hire , and the kids cannot spell nor write letters, etc!!) If public schools do their job, then the businesses could hire with apprenticeships, and paid training in house with all the newest technology they are touting!! This would put the costs back to private industry who must want the best workers, and would know for sure the training is top notch(skin in the game), and not milk the taxpayers for what they should not be responsible for!! Since public education screwed up something as basic as reading, how do we expect them to be forefront in an ever changing tech. environment!! ?? I also suggest upholding all the anti-trust and monopoly laws, and holding the datamining, spying tech. co. for what they are doing to America!!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s