Joe Biden’s America: A record 4.5 million Americans quit their jobs in March, according to a report released by the Labor Department.
Job openings also surpassed unemployed workers by a record 5.6 million.
The GDP also contracted 1.4% in the first quarter of 2022 amid record inflation rates.
But the Biden Regime claims the economy is booming and Americans are thriving.
Fox News reported:
A record number of Americans quit their jobs in March, underscoring how one of the tightest labor markets in decades has made it difficult for employers to fill open positions.
The Labor Department said Tuesday that 4.5 million Americans, or about 3% of the workforce, quit their jobs in March. That’s up from 4.4 million in February and just slightly tops the previous record notched in November. By comparison, pre-pandemic levels typically hovered around 3.6 million.
Meanwhile, the number of job openings rose to 11.5 million by the end of March.
The data emphasizes how newly empowered workers are quitting their jobs in favor of better wages, working conditions and hours as businesses lure new workers with higher salaries – a new trend dubbed the “Great Resignation.” As a result, Americans’ incomes are rising across the board as employers have ramped up hiring to offset the losses.
Zero Hedge did a deep dive into the latest unemployment numbers:
Another month, another blockbuster JOLTS report confirming just how terribly broken the US labor market is.
Last month, the BLS reported that the US job market was plagued by a near record 11.27 million job openings. Then moments ago, the BLS published its latest, March JOLTS report according to which job openings just hit a new all time high 11.549 million, blowing away expectations of 11.2 million, up 205K from February and up 100K from the previous record high of 11.448 million hit in December of 2021.
Looking at the details, Job openings increased in retail trade (+155,000) and in durable goods manufacturing (+50,000). Job openings decreased in transportation, warehousing, and utilities (-69,000); state and local government education (-43,000); and federal government (-20,000).
What we find far more remarkable, however, is that amid the continued tightening in the labor market, there was a new record, or 5.6 million more vacant jobs than unemployed workers in March, confirming that the US labor market remains woefully, perhaps irreparably cracked, and the wage-price spiral is all too reak.
And with far more job openings than unemployed workers, this meant that in March there were again less than 1 unemployed workers – a record low 0.56 to be exact – for every job opening.
And while the number of job openings rose again, this was offset by a curious decline in the number of hires, which dropped from 6.832MM to 6.737MM in March.