Job Openings Jump Above 10 Million

Job openings surged from 9.5 million in May to 10.1 million in June.

• It’s the fourth-straight record for openings, according to the U.S. BLS.

The National Federation of Independent Business said in its July survey, “49% of owners reported job openings that could not be filled, a 48-year record high.”

The surge in jobs available has puzzled economists. Many blame it on supplemental jobless benefits, fewer options for childcare, and fear of catching Covid.

The federal government’s supplemental program will end in early September.

The new school year should help boost the labor supply as the need to provide childcare by parents diminishes.

• But the spreading Delta variant is the wildcard that could slow potential workers from ramping up their job search.

Investor’s corner

The severe labor shortage has been a boon to job seekers and has created headaches for businesses.

The lack of labor is hindering business activity and pushing up wages in some industries.

However, we have yet to see a measurable impact on investors.

Investors rarely focus on one data point. Instead, they typically review a large variety of economic reports in gauging the strength of the economy.

Created 2021-08-12 14:47:32