Janet Yellen’s reputed favorite jobs measure, the JOLTS (Job Openings and Labor Turnover Survey) reported blockbuster record job openings in May. But look beneath the headlines and you will see just how distorted and maladjusted the US job market is.
Wall Street economic shills and Fed propagandists have recently been claiming that a tightening job market is driving faster wage growth. With apologies to Elvis, we’ve already established that that was just a lie. The rising wage story doesn’t hunt. It ain’t nothin’ but a hound dog.
The jobs that employers are offering are increasingly not jobs that workers can or will fill. Workers either do not have the needed skills, or they refuse to work for the slave wages many US employers are offering. Whatever the cause, the imbalances are clear and they are growing, with no rectification of the problem in sight.
These four charts illustrate.
Job openings have soared to record highs, beyond even the housing bubble peak as the massive and growing ZIRP/QE driven credit bubble drives demand for rocket scientist financial engineers on the one hand, and low paid, low skilled worker drones servicing the financial engineering bubble nouveau riche of the on the other.
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Note: Job openings are postings as