Ep 176 Weekly Roundup: Job Openings Jump by 731,000

Job openings just jumped a massive 731,000 in a single month.

That's the highest number ever outside COVID reopening.

Separately, job creation jumped to an 18-month high last month.

How close are we to HVAC installers going door-to-door with tranquilizer darts to capture workers? Last week, the Bureau of Labor Statistics released their so-called JOLTS report, Job Openings and Labor Turnover.

Openings were up a blockbuster 731,000 on the month, bringing the total to 7.6 million jobs standing around with their handout looking dumb.

Now, 7.6 million is the highest since COVID when millions of workers ditched work.

For a couch full of stimmy checks and fraudulent PPP loans, day drinking while their boss had to get up at 5 a.m. to cover their lazy ass.

Also, fun fact, $7.6 million means there are now more job openings than unemployed people.

Now, it's not just openings.

Last week, ADP said companies added 122,000 workers on the month.

That's twice population growth.

And on Friday, BLS payrolls came in at a blistering 172,000, blowing away projections.

Now, this is all very disappointing since AI was supposed to wipe out all the jobs.

We were promised cat food.

Instead, here we are with more jobs than workers.

Interestingly, the job openings was a nine sigma beat to Wall Street consensus.

Nine sigma means it's like winning the Powerball three times in a row.

In other words, Wall Street economists were way off.

The reason why, aside from consistently underestimating the Trump boom, is an epic 670,000 jump in business services.

Now that's interesting because that was supposed to be ground zero for AI.

Because personal services need humans, so ChatGPT cannot cut your hair, mix an espresso martini, walk the dog.

You really don't want it watching the kids.

But business services were supposed to get wiped out when ChatGPT gives it up for free.

Instead, business services is growing twice their share of jobs.

This raises the possibility that AI is not wiping out jobs.