Lacking Labor

Y-o-Y job openings are up 11.9%, hires are up just 3.3%, and the number hired has declined three months in a row. Moreover, job openings exceed the number of unemployed by 659,000; they surpassed zero for the first time in March. Additionally, quit rates hit 2.4%, their highest rate since 4/01, and a record 25% of small businesses say finding qualified workers is problem #1. Labor’s in very short supply.