Insanity: There Are Now 1.4 Million More Job Openings Than Unemployed Workers

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Zero Hedge: There was an absolute shocker in today’s JOLTs report.

While consensus was expecting the BLS to report a print of 9.270MM in June job openings, which would be a new all time high and a modest increase from Mayh’s 9.209MM, nobody – not even the most optimistic whispers – was prepared for the shocking 10.073 million job openings that hit the tape at 10am ET sharp.

“Go to the ant, thou sluggard; consider her ways, and be wise” Proverbs 6:6 KJV

This unprecedented number of job openings was made possible as more than 3.3 million openings were added in the past 6 months, with every single month of 2021 seeing an increase in job openings, the longest such stretch in history.

Looking at the details, the increase in job openings was driven by a number of industries with the largest increases in professional and business services (+227,000); retail trade (+133,000); and accommodation and food services (+121,000).

The record number of job openings stands out in stark contrast against the countless Americans who are still collecting various pandemic emergency unemployment claims, which in the latest week was just above 11 million. Read More

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