More problems for the Austrian-lites who hold the view that the Fed-created boom-bust business cycle is really just a bust cycle.
According to the Bureau of Labor Statistics, in March, the number of job openings soared by 312K, and is now effectively at its all time high level of 5.8 million jobs.
This doesn't look anything like what the bust phase of the business cycle looks like.
-RW
It does look great. What excuse do you think the Fed will come up with for again passing on a rate increase?
ReplyDeleteFellow Mises contributor Mark Thorton (not an 'Austrian Lite' IMO) sees things differently:
Deletehttps://mises.org/blog/mark-thornton-latest-jobs-data-recession-looms
What's the avg wage of those jobs? Then again, the pols don't care about that.
ReplyDeleteRobert, can you publish a graph on the labor force participation rate?
ReplyDeletehttps://research.stlouisfed.org/fred2/series/CIVPART
DeleteAnd growth is under 2%
ReplyDeleteFor this to be an Austrian business cycle these jobs would have to be related to longer and more roundabout production processes. Are these jobs in capital equipment sectors of the economy or higher order, earlier stages of production?
ReplyDeleteThere are openings and then there are employers that are seriously looking to hire and can't find people. In the later they start bidding people away from their present employers. IME employers are still acting as if they are in buyers market.
ReplyDelete