Recession Around the Corner? US Job Openings Reach Lowest in Over 2 Years
In July, job openings in the United States reached their lowest level in over two years.
There were 8.8 million job vacancies in July, which is a decrease from 9.2 million in June per data published by the Labor Department’s Job Openings and Labor Turnover Survey on August 29, 2023.
Most economists view job openings as a proxy for labor demand. These recent figures were the lowest level since March 2021. Job openings have technically still been higher than pre-Wuhan virus levels.
Lay-offs remained constant at 1.6 million and new hires dropped to 5.8 million from 5.9 million. The US economy is one giant riddle. While it remains the premier economy in the globe, the US economy has numerous structural problems owing to its massive regulatory state and easy monetary policies.
Over the years, with constant government growth and money printing, these bad policies are beginning to add up. This has manifested itself with the rising inflation and a stagnant labor force. The fact is that public policy, not random elements or greedy capitalist actors, are what generates economic instability. the US wants to have a stable economic environment, it has to scale back its regulatory state, simplify its tax code, and abolish central banking.
Should American policymakers fail to do so, the US is destined to have a 21st century filled with economic upheaval.