U.S. labor markets continued showing signs of weakening as job openings fell to 7.6 million in July, the lowest level since Feb. 2021. Job openings are now 4.6 million below their March 2022 high of 12.2 million, a more than 37 percent drop.
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Something very strange is going on in America’s labor market. The employer’s survey in the June jobs report showed 272,000 jobs gained in May, and nearly 2.8 million jobs over the past year. These are both amazing figures given that the economy is at full employment.
While the employer’s survey is surely fine, the household survey, also produced by the Bureau of Labor Statistics (BLS), tells a strikingly different story, almost as though the country had two different labor markets.
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It is a tale as old as time. Older generations criticize the young, usually following a particular formula. The seniors say that the young are wimpier, lazier, less ambitious, overly entitled, and have weaker characters. Examples are now easier to come by because of social media, which allows one to encounter different types of people without having to enter their social circles.
While there are many issues of concern among the young, last week a TikTok rant by a young lady about the difficulty of working and paying her bills went viral. She seemed sad and overwhelmed. Her income apparently could barely cover the rent. Of course, she probably needed a smaller place and a roommate, but her complaints are universal, even among those who are more frugal.
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The Federal Reserve announced on Wednesday that it would not change its benchmark federal funds rate, but does project rate cuts later this year.
The Fed’s decision not to raise rates keeps the target range between 5.25% and 5.50%, the highest level since 2001, marking the fourth meeting in a row where the Fed chose to not adjust the rate, according to an announcement from the Federal Reserve following a meeting by the Federal Open Market Committee (FOMC). Investor projections for upcoming FOMC meetings are increasingly predicting a rate cut, with the market calculating around 58% odds that the rate will be reduced in March as of Jan. 31, according to CME Group.
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The original number of jobs reported by the federal government in 2023 was revised down by a total of 749,000 jobs, meaning nearly one-fourth of jobs thought to be created in the year were not actually there, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.
The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.
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