It has been rather obvious of late that Joe Biden just isn’t cut out for the job of President, particularly in the realm of reacting to America’s numerous crises in a timely manner.
This is perhaps most recognizable as the economy continues to spiral out of control, with the Biden administration having been forced to admit that they had completely botched the fiscal forecast, leading to runaway inflation the likes of which we haven’t seen in over 4 decades.
Now, a new report from the hiring market appears to show that some of our nation’s most important industries are losing confidence in the direction of the economy.
The number of job openings in the United States fell sharply in June as the Federal Reserve hiked interest rates, gas prices hit record highs, inflation soared, and growth in consumer spending slowed.
There were 10.7 million postings for job openings on the last business day in June, the U.S. Bureau of Labor Statistics said Tuesday, down from an upwardly revised 11.3 million a month earlier.
Economists had been expecting 11.1 million jobs in the June report on the government’s Job Openings and Labor Turnover Survey, or JOLTS. The sharper than expected decline indicates that demand for labor has plunged faster than economists expected.
Openings declined sharply in both retail and construction, two areas that have showed signs of softening in recent months. Consumer spending rose 1.1 percent in June before adjusting for inflation, according to the Commerce Department’s tally of consumer expenditures released last week. Real expenditures, after adjusting for inflation, were just 0.4 percent higher—and much of that increase reflected higher prices of food and groceries. Spending on discretionary goods and services likely fell in inflation-adjusted terms.
Hiring rates fell at large businesses with more than one thousand employees, the government said. This suggests that businesses are preparing for an economic downturn by pulling back from bringing on new employees.
The economic downturn overseen by the Biden team continues to surprise and frighten economists around the country, and this latest information from the jobs market is certainly going to have major ramifications as the nation fiscally flounders.