Turmoil in the Job Market

For John, BLUF:  The labor market is experiencing some degree of turmoil, with the jobless claims up again, per the Department of Labor, but having nine million unfilled job openings.  Nothing to see here; just move along.

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What Is the Great Resignation of 2021? (If You Don't Know, You’ll Want to Read This)

Here is the sub-headline:

Central planners were warned that these kinds of problems would result from their policies, and yet they persisted anyway.

From Foundation for Economic Education, by Ms Hannah Cox, 8 July 2021.

Here is the lede plus three:

If you don’t spend your days on TikTok or Reddit, you may be blissfully unaware of a growing movement urging people to quit their jobs en masse this fall.

It’s called “The Great Resignation of 2021,” and for businesses already struggling to attract workers back to the office it could spell very bad news.

The social media trend coincides with broader disruptions in the labor market. Monster, a global employment website, recently reported 95 percent of employees are considering changing jobs. This is on top of the 4 million people who already followed through and resigned in April.

The country’s labor market is in a precarious position. The policies of the pandemic spurred the sharpest economic contraction in US history, millions lost their jobs and are still out of work, and yet businesses have been unable to fill their open positions.

This is an interesting sitution and one with opportunities for those in a position to take them.  However, it will create upheaval.  Constructive destruction.

What I worry about is the ability of our elected officials and the bureaucrats in DC to try to help out and only creating more chaos.

Hat tip to the InstaPundit.

Regards  —  Cliff