The sheer unwillingness of the Biden administration is astounding, and there are plenty of economic indicators out there to prove it.
The White House and their surrogates throughout the government have only recently begun to admit that they had done a poor job of predicting this economic downturn, particularly as it pertains to inflation. Add to that the stress of Russia’s invasion of Ukraine on the world’s fuel prices, and a completely botched COVID-19 recovery, and the Biden administration certainly has a whole lot of explaining to do.
Now, a new set of numbers appear to suggest that corporate America’s outlook on the Biden economy is turning rather bleak.
The number of job openings in the United States fell sharply in June as the Federal Reserve hiked interest rates, gas prices hit record highs, inflation soared, and growth in consumer spending slowed.
There were 10.7 million postings for job openings on the last business day in June, the U.S. Bureau of Labor Statistics said Tuesday, down from an upwardly revised 11.3 million a month earlier.
Economists had been expecting 11.1 million jobs in the June report on the government’s Job Openings and Labor Turnover Survey, or JOLTS. The sharper than expected decline indicates that demand for labor has plunged faster than economists expected.
Even more telling was where these drop-offs hit the hardest.
Openings declined sharply in both retail and construction, two areas that have showed signs of softening in recent months. Consumer spending rose 1.1 percent in June before adjusting for inflation, according to the Commerce Department’s tally of consumer expenditures released last week. Real expenditures, after adjusting for inflation, were just 0.4 percent higher—and much of that increase reflected higher prices of food and groceries. Spending on discretionary goods and services likely fell in inflation-adjusted terms.
Hiring rates fell at large businesses with more than one thousand employees, the government said. This suggests that businesses are preparing for an economic downturn by pulling back from bringing on new employees.
If Biden and his team can’t turn this economy around, there will be another job opening at 1600 Pennsylvania Avenue come 2024.
Cross-posted with Flag and Cross
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