What Happens When Work Doesn’t Pay
6th August 2022
Jobs data reported this week by the Bureau of Labor Statistics show that, as of the last business day of June, there are 10.7 million job openings. Hence, according to the numbers, there are many more available jobs than willing workers.
At the same time, the U.S. unemployment rate’s just 3.6 percent – near a five-decade low. So, by the numbers, the economy is at full employment and still overflowing with jobs to be filled.
The U.S. economy couldn’t possibly be in a recession, given this robust and healthy jobs market, could it?
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“Today’s job situation has nothing at all to do with a booming economy. All those jobs are sitting there open because NO ONE WANTS THEM. The people who once filled jobs like that don’t want to work. That is not the sign of a strong jobs market. It is the sign of a very sick job market. What it means is that the labor market is no longer able or willing to supply labor. That’s called “broken.”