Courtesy of Lee Adler of the Wall Street Examiner
I heard that Janet Yellen is a big fan of JOLTS. For the uninitiated that’s the Job Openings and Labor Turnover Survey from the BLS (known to some as the Bureau of Liar Statistics). Well, hey Janet! Don’t let this picture JOLT you too much, but QEs 2, 3, and 4 have had no impact on stimulating the growth rate of job openings.
JOLTS – Job Openings – Click to enlarge
Once the rebound from the 2008 crash had run its course by 2010, job growth has gradually slowed and stabilized at about a 10% annual growth rate whether QE was on or paused. In fact it seems clear that QE3 which became effective in November 2012 and QE4, which was piled on top of QE3 in January 2013 have not helped at all.
Meanwhile, across the land the new hires could be heard practicing their lines before their first day of work. “Welcome to Burger King, may I have your order please?” as stock traders were singing Hosanna first to Ben and now Janet.
The fundamental fact that is that job growth is too slow to grow the US out of its unemployment problem.
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