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    Labor Market In Freefall As Job Openings Slide, Quits Tumble To 2 Year Low

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    Joe Biden is executing the third term of Barack Obama, which was designed to fundamentally transform (and destroy) the country.

    Some economists have been warning for months that the controlled, seasonally adjusted, and politically motivated job openings data in the Department of Labor’s JOLTS (Job Openings and Labor Turnover Survey) report is complete nonsense at a time when the U.S. economy is hurtling toward a severe recession.

    One month after we witnessed an epic, long-deserved impact in the number of artificially inflated February job postings, we received additional evidence today that the labor market’s reacquaintance with gravity and mean reversion will be extremely excruciating.

    There were only 9,590,000 job openings in March, the lowest number since April 2022 and a decrease of 384K from the upwardly revised February figure. This was despite the fact that the consensus forecasted only a minor decline following the February collapse and the January downward revision. When January (-671K) and February (-580K) were added together, the three-month decline in employment opportunities was the second-largest on record.

    After a staggering 27 beats in the preceding 29 months, the March job openings number was substantially below forecasts of 9.736M. This is the second consecutive colossal miss in what appears to be a protracted and severe succession of misses as mean reversion continues.

    “According to the BLS, the largest decreases in job openings were in transportation, warehousing, and utilities (-144,000) but increased in educational services (+28,000),” Zero Hedge reported.

    As a result of the long-overdue decline in job openings, there are now only 3.75 million more jobs than unemployed workers, a significant decrease from last month’s figure of 5.5 million at the end of 2022 and the lowest since September 2021.

    In contrast, there were 1.64 job openings for every unemployed worker, a decrease from 1.67 last month and a record high of over 2 in March 2022. Obviously, this number still has a ways to fall before it reaches its pre-covid levels near 1.20, but the trend is now obviously downward.

    After plummeting by 327K in February, the number of recruits in March fell by only 1K to 6.149 million, led by a drop in real estate and rental and leasing (-29,000).

    In March, the quit rate fell by 129K to 3.851 million, the lowest level since May 2021. The quit rate is an indicator of employee confidence in leaving a job for a higher-paying position. According to the BLS, there were fewer resignations in the accommodation and food services industry (-178,000).

    What are we to make of these dreadful statistics, which Goldman Sachs, the NFIB, and others, including UBS, have emphasized is long overdue?

    The explanation is straightforward: there was a significant decline, but the actual number of opportunities is still significantly lower because approximately 70% of them are dependent on speculation. Nothing is worse than the JOLTS report, where the actual response rate has fallen to an all-time low of 31%, as the BLS itself admits, even though the response rate to the vast majority of its labor (and other) surveys has plummeted in recent years.

    In a nutshell, an estimation accounts for approximately 70% of the total number of employment opportunities.

    Is the Labor Department of this administration filling the estimate gap with higher or lower data so that Biden can maintain the deceptive appearance that at least the employment sector is strong while the rest of the economy implodes under his watch?

    As they read this week’s headlines about the second-largest US bank collapsing into insolvency and assess and measure the rescue plans, many Americans are concerned about the dangers of centralized banking.

    The question is whether what is occurring in the US banking industry is a notable’revolution of enormous irresponsibility’ on the part of the nation’s bankers, civil servants, and politicians, or whether the country is nearing the end of a Joe Biden-planned Chinese Communist takeover.

    If the Democrats were not currently in command, our security situation would not be in such a state of disarray.

    More on this story via The Republic Brief:

    Whatever is happening to our nation and our personal banking future, the result is the same – the American people have been betrayed and will be made to suffer, except for the well-connected and elite power seekers. CONTINUE READING…

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