Shine Trader Limited reports:
According to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), the number of seasonally adjusted job openings in the US rose by 749,000 in July to a total of 10.934 million, a record high for the fifth consecutive month.
The unprecedented number means job openings have risen every month in 2021 and are likely to have risen by more than 4.2 million in the past seven months, the longest streak on record. JOLTS job openings are hitting a record high, suggesting that Americans still don’t want to go to work and that U.S. businesses are still having trouble hiring workers.
The number of jobs lost in July was 6.7 million, with retail, durable goods manufacturing and education services all losing 277,000, 41,000 and 23,000 jobs, respectively.
The specific data also showed a number of sectors saw an increase in vacancies, with healthcare and social assistance (up 294,000), finance and insurance (up 116,000) and accommodation and food services (up 115,000) recording the largest increases.
The record number of unfilled jobs stands in sharp contrast to the large population still receiving emergency unemployment benefits of various kinds, which topped 12 million last month.
Most surprising, zero said, was that the actual numbers meant there were 10.934 million more job openings than there were unemployed americans (8.384 million in August), a record 2.232 million more. The number of unemployed people for every job opening is now well below one, down from a record high of 4.6 in April last year, early in the outbreak.
In addition, the number of people quitting their jobs rose again in July, up 103,000 from June to the second highest level on record at 3.977m, just below April’s peak of 3.992m.
By industry, wholesale trade and state and local government education saw increases in voluntary departures. Voluntary layoffs fell in transportation, warehousing and utilities, and the federal government. Voluntary turnover is often seen as a barometer of job market confidence. The number of people quitting their jobs on their own is far higher than pre-COVID-19 levels, suggesting that the overheated labor market may not be near an end.
The latest JOLTS data confirmed suspicions of “transitory” inflation because, if labor shortages persist, wages will rise sharply, leading to higher inflation, zero Hedge commented. But with the end of extra unemployment benefits, millions of workers are likely to return to the workforce, filling a large number of unfilled jobs. Assuming, of course, that the Mu, the latest Novel Coronavirus variant, does not shut down the economy in the coming weeks.
Reprint indicated source：Shine Trader Limited Live information