Could these 3 reasons be why there are millions of job openings?

Senior Analyst

Marketing Brew

Take a look at this chart from the Federal Reserve Economic Database:

There were a whopping 10.4 million job openings in September, according to a United States Bureau of Labor and Statistics report released on Friday. The good news is there are plenty of opportunities available for Americans who are looking. The bad news is that the 10.4 million number reflects an ongoing labor shortage causing delays and poor experiences in everything from the supply chain to the restaurant table. One question you might have been asking yourself recently is, "What happened to all the people?" According to a different BLS report, there were 3 million fewer people in the civilian labor force (people either working or actively looking for work) in October compared to February of 2020. So, where did they all go?

159x better than gold?

With inflation exploding to 30-year highs, you'd think it would be like jet fuel for gold. But since March 1, when gold was near a low, the yellow metal is up only 3.4%, per Monex. Meanwhile, per Coingecko prices, Bitcoin — widely considered a kind of digital gold — has just hit new, all-time highs, surging from $44,970 on March 1 to $66,238 on Oct. 20. That's a rise of 33% or nearly 10x more than gold. And now, with Bitcoin at new, all-time highs … and with the lesser-known cryptos that we expect to surge even faster, we believe the time is just about right to go for these kinds of stunning gains. So, before you miss the boat entirely, I suggest that you watch this to get all the facts for yourself.

It turns out that many researchers, economists, and consulting firms (not to mention your local restaurant managers) have been trying to figure it out. Here are three reasons that I think are causing the gap. Covid Concerns: We're still living in a pandemic. According to the Census Household Pulse Survey conducted in late September and early October, 2.47 million adults said they were not working because they were "concerned about getting or spreading the Coronavirus." Retirement: The number of folks who've retired has jumped since the onset of the pandemic in the U.S. According to a recent study from the St. Louis Fed, the pandemic came with about 3 million more in retirement than would have been implied by the pre-pandemic trajectory. Unemployment benefits: A lot has already been said in the news about enhanced unemployment benefits incentivizing people to stay out of the workforce. According to a San Fransisco FED study, Only 1 in 7 people who got a job offer while receiving extra benefits turned it down. Anyway, those benefits ended in September (and in many states, earlier than that). These folks may very well still be in the process of finding work. The good news for employers and consumers alike is that these explanations seem to have an expiration date. Covid cases are declining, and enhanced unemployment benefits are ending. It looks like the bullish trends of the market could easily carry on into the new year.

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