So here’s the thing about this idea that we should coerce U.S. and foreign companies to “bring those jobs to America”. America doesn’t need them, literally! We currently have 1 million more job openings than we have people seeking work to fill them.
“Job openings totaled 7.079 million in November, up 1.7 percent vs 6.96 million in October and just shy of August’s record of 7.293 million. The current number of openings is more than 1 million above the number of unemployed who have been actively looking for work, at 6.075 million in a direct comparison with October that since fell to 5.975 million in last week’s employment report for November. The number of job openings first broke above the number of unemployed back in April this year and have been in inversion ever since. This points to tight conditions in the labor market and, for the Federal Reserve, raises the risk of an upturn in wage inflation.”
Oh, and — per this morning’s blog post — speaking of the market’s price action defying the fundamentals, the present state of job openings in America is anything but recessionary (red shaded areas):
