Labor Lost

The US Economy added 235,000 jobs in August, well below the 700,000 expected, but decent. Blame it on the Delta variant and labor shortages. The leisure and hospitality sector, which has averaged 350,000 new jobs/month through July, added none in August. However, this is also a supply problem. Employers are struggling to hire, to wit, wages rose a stunning 0.6% in August, and there remain over 10 million job openings.

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