BLS: July 2022 JOLTS Report

The BLS released their July JOLTS report and it shows 11.2 million jobs open. Here are the highlights:

The number of job openings was little changed at 11.2 million on the last business day of July, the U.S. Bureau of Labor Statistics reported today. Hires and total separations were little changed at 6.4 million and 5.9 million, respectively. Within separations, quits (4.2 million) and layoffs and discharges (1.4 million) were little changed.

On the last business day of July, the number and rate of job openings were little changed at 11.2 million and 6.9 percent, respectively. Job openings increased in transportation, warehousing, and utilities (+81,000); arts, entertainment, and recreation (+53,000); federal government (+47,000); and state and local government education (+42,000). Job openings decreased in durable goods manufacturing (-47,000).

So what does this mean to the average person? Well it means that restaurants will continue to be short staffed of cashiers, waiters, cooks and other staff. From Reuters:

Despite the wage hikes, the industry is nearly 635,000 workers short of where it was before the COVID-19 pandemic began in February 2020, or 5.1% lower as of July, according to BLS data. A National Restaurant Association survey of operators in early August found 65% did not have enough employees to meet customer demand.

Reuters

In Pennsylvania, they seem to be short 100,000 workers.

It ticked off a series of potential reasons for the shortage, including workers leaving to stay home and care for elderly parents, a state work force that is shrinking and getting older, and the need to oversee children who are being home schooled rather than in physical buildings.

The Morning Call

In Colorado, there is a projected shortage of 54,000 healthcare workers by 2026.

In the coming years, Colorado could be strapped for registered nurses, mental health professionals and more.  A recent report done by Mercer predicted that Colorado will be short 54,000 healthcare workers by 2026. 

KDVR.com

Please note that we are at the end of August 2022 and covid is seemingly waning and the labor shortage appear to keep growing. If you are wondering why that’s happening, it’s because every day there are about 10,000 boomers that turn 65 and retire from the labor force across America. Boomers, like everyone else, work in all industries, fields and roles including restaurant workers, healthcare providers, plumbers, electricians, warehouse workers, doctors, lawyers, police officers and more. Every day we lose about 10,000 to retirement. EVERY DAY.

What about young people back filling? Well let’s take a look at where the next 1000 babies will come from this year.

The United States will only produce 30 babies while we have 10,000 retiring every day. If that ratio seems daunting and scary it should be. In any event, we’ll be looking for investment opportunities so stay tuned and stay solvent…