Limited Labor

Job openings hit a record 8.1 million in March despite a staggering 9.7 million unemployed Americans. There were also 3.5 million quits in March, not far from the peak of 3.6 million in 7/19. Expanded unemployment benefits are reducing labor supply, although they are going to only 3.75 million persons. Fear of contracting Covid, lack of childcare, and a lack of skills or willingness to change careers are also impediments.