The US now has more job openings than any time in history.
A shop advertises a job opening while beachgoers head to Venice Beach on May 24, 2020 in Los Angeles, Calif.In another drastic reminder of just how fundamentally the pandemic has distorted the labor market, the number of open jobs soared to a record 10.1 million in June, according to the latest monthly data from the Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary.
The previous record of 9.3 million jobs was set just two months earlier in April, and the June figure far and away topped the 9.1 million average expectation among economists surveyed by Dow Jones. Economists and market strategists characterize the data as somewhat of a good-news, bad-news dichotomy: The demand for employees is pushing up wages, especially for the lowest-earning workers, and the backlog of positions suggests robust demand for both goods and services will be able to sustain a continued recovery in the labor market. The BLS said on Friday that there are still 9.
On the other hand, economists suspect we haven’t yet seen the full impact of higher wages on prices. “More of the hard components, as opposed to labor, are really factoring into inflation,” said Aoifinn Devitt, chief investment officer at investment advisory firm Moneta. “In terms of upward pressure on wages… I’d say it has yet to peak,” she predicted. “I see it as pretty close to the peak.”
Some think this is already taking place. Jay Hatfield, portfolio manager at Infrastructure Capital Management, suggested that accommodative monetary policy and trillions in fiscal stimulus has already pushed the economy into overheating, and that the more than 10 million job openings at the end of June is evidence of that. “The job opening number is also exacerbated by supplemental pandemic unemployment programs that disincentivize going back to work," he said.
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