June 20, 2012
Is the US bleeding jobs again?
James Pethokoukis makes a compelling case that we are: The government's April Job Opening and Labor Turnover report was, in the words of JPMorgan economists, "soft, lending some credence to the view that the April-May slowing seen in the payroll report was real and not a statistical fluke." - The number of job openings in April fell 325,000 to 3.416 million. That's the lowest level since November of last year. - But here is the real red flag. Private job openings fell 282,000 - the most since early 2009 - to 3.080 million. Early 2009, if you recall, saw the economy just hemorrhaging jobs. - One bright spot in this report in March was the rising in people quitting their jobs, showing some confidence in the economy. But that "completely reversed itself in April." - Now layoffs, thank goodness, continue to be low, evidence that the problem here is a lack of hiring rather than lots of firing. Hires fell 159,000 last month to 3.882 million, the lowest since last...(Read Full Post)