After two months of sharp declines in the number of job openings, moments ago Biden’s highly politicized Department of Labor reported that in May, the number of job openings unexpectedly spiked by a whopping 221K, to 8.140 million – far above the 7.950 million estimate – from a downward revised April print of 7.919 million, down 140K from the original print of 8.059 million.
The 194K beat of estimates was the biggest since last August…
… but was only possible thanks to the huge downward revision in the past month; indeed, when we look back we find that the Biden DOL(ies) has now revised lower 14th of the past 17 months, something which statisticians would normally call “bullshit.”
Ok, fine revisions blah labh, but the current number of job openings was up no matter what. Well, when you look at the composition you get a slightly different idea: you see, of the 221K total increase in job openings, virtually all – or some 179K – were government jobs, which as everyone knows, are not real jobs but are simply parasites on taxpayers and create no actual economic output. And as shown below, government job openings are fast approaching record high.
And since virtually all the job growth was government jobs, one would expect that private job openings was a disaster…
… and sure enough, at 7.055 million it remained at a three year low.
To summarize: government job openings, which contribute nothing to the economy and are just a form of wealth redistribution, are soaring while private sector job openings are crashing.
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