In any economy, expansion should mean more jobs, more employment, and rising wages. Without increased employment and increased earnings, there can be no expansion of the middle class and therefore no expansion of overall consumption.
Without increased employment and increased earnings, long-term economic growth simply will not happen.
The November JOLTS report does not show employment to be increasing. Rather, the report shows that employment has been steadily decreasing. The report shows that layoffs are rising even as quits are falling—a plausible interpretation for this is that enough people are getting fired to make everyone else more reluctant to risk a job switch.
Links And Sources
November Job Opening and Labor Turnover Summary: https://archive.ph/dPQ2W
Total Nonfarm Job Openings: https://fred.stlouisfed.org/graph/?g=1CIzW
Total Nonfarm Job Openings, Hires, and Separations: https://fred.stlouisfed.org/graph/?g=1BTIm
Total Nonfarm Layoffs vs Quits: https://fred.stlouisfed.org/graph/?g=1BTPd
Manufacturing Job Openings: https://fred.stlouisfed.org/graph/?g=1CIAY
Manufacturing Hires: https://fred.stlouisfed.org/graph/?g=1CIB0
Manufacturing Separations: https://fred.stlouisfed.org/graph/?g=1CIBb
Net Manufacturing Hiring, 2021-2024: https://fred.stlouisfed.org/graph/?g=1CIBb
Net Manufacturing Hiring, 2024: https://fred.stlouisfed.org/graph/?g=1CIDn
2024: A Year Of Manufacturing Decline: https://newsletter.allfactsmatter.us/p/2024-a-year-of-manufacturing-decline
Private Education/Health Services Hiring: https://fred.stlouisfed.org/graph/?g=1BU4H
Construction Hiring: https://fred.stlouisfed.org/graph/?g=1BU4H
Trade, Transportation, and Utilities Hiring: https://fred.stlouisfed.org/graph/?g=1CIEU
Professional Services Hiring: https://fred.stlouisfed.org/graph/?g=1CIEU
Leisure And Hospitality Hiring: https://fred.stlouisfed.org/graph/?g=1CIEY
Government Hiring: https://fred.stlouisfed.org/graph/?g=1CIEZ
The Jobs Recession Is Here: https://newsletter.allfactsmatter.us/p/the-jobs-recession-is-here
The Jobs Recession: Manufacturing Is Suffering: https://newsletter.allfactsmatter.us/p/the-jobs-recession-manufacturing
The H1-B Visa Is Systemic Wage Theft: https://newsletter.allfactsmatter.us/p/the-h1-b-visa-is-systemic-wage-theft
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