- by New Deal democrat
The Census Bureau JOLTS report for January, released this morning, indicates that the jobs market continues to be nowhere near equilibrium - which continues to be a good thing for workers’ wages.
Several months ago I introduced the idea of a game similar to musical chairs, where employers added or took away chairs, and employees tried to best allocate themselves among the chairs. Because of the pandemic, there are several million fewer players trying to sit in those chairs, leaving many empty. As a result, wages have continued to increase sharply, as employers attempt to attract potential employees to sit in the empty chairs.