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“Faced with a snapback in consumer demand for services like travel and dining out, employers have been scrambling to fill a multitude of vacant positions, but the supply of labor remains restrained.”
“The number of vacancies exceeded hires by 3.4 million in June, a slightly narrower gap from the record seen a month earlier. The number of people who voluntarily left their jobs increased to 3.9 million in the month, and the quits rate rose to 2.7%.”
Comment:
This is another sign (since 2008) of major failure and reversal of the long term past in the US Domestic Economic System. And the lunatics’ are pushing a $3.5 trillion spending package? Maybe the lame brain leaders are creating jobs for the masses of immigrants flooding into the country?
Ya know? If business owners end up competing against each other (higher bids) for workers, the questions are.
Will they have to “eat” the labor inflation? Like their workers had to eat the cost of living inflation since 1975? Take less profits, and possibly take losses and go bankrupt? And or survival of the fittest most efficient businesses with zero debt etc?
It would be a herd trimming of businesses. Businesses that ONLY existed BECAUSE of cheap labor after 1975 to 2008. My friend was one of those guys with 8 stores paying peanuts to 65 workers as he got very wealthy and recently left it all behind.
Will the businesses be ABLE to pass on higher costs? And the customers have to eat higher cost of living inflation? And or just stop spending? I knew in the 1970s that if wages did not go up in unison with cost of living, there would eventually be problems.
I also knew after 1970 that US manufacturing businesses future was to deal with unfair foreign business competition. They had to cut back on wages and medical benefits as their profits declined. So both employer with less profits, and workers with crappy wages paid less taxes. And now we have a $25 Trillion National Debt?