Commentary
The Biden administration’s main talking point against the existence of recession is the unemployment rate. Sadly, a “rate” never hired or paid anyone. In the real world, there are signs of growing strains once you disaggregate the data by income expectations, gender, and other factors. There is no shortage of jobs available in lower-wage occupations. The insecurities are at the higher end and take many forms.
The newest labor-market report reveals that job openings have fallen to the lowest level in nine months. Employer demand still outstrips willing supply in the labor market, largely due to persistent post-lockdown worker displacement. The trendline, however, does not look good. The Department of Labor doesn’t break down the data by payscale but intuitively, we all know what is happening….