My colleague Rory Hall and I recorded a very engaging podcast interview with John Crudele, business columnist for the NY Post. He published an article today that exposes deep flaws in Bureau Of Labor Department’s JOLT job openings metric.
Are there really millions of job openings in the US economy today? I’ll get to the point: probably not nearly as many as the government contends.
Tuesday morning the Labor Department is putting out its JOLTS report, which stands for Job Openings and Labor Turnover Survey.
This survey doesn’t have as big a following as the monthly employment report that came out Friday, but JOLTS gives Wall Street hotshots something to trade off and gives TV commentators something to comment on.
Plus it has a catchy acronym. And Wall Street traders are suckers for catchy acronyms. Obviously I don’t know ahead of time what the new JOLTS will be. But back on April 7, the Labor Department reported that there were 5.1 million job openings on the last business day of February. That was the last thing JOLTS reported. Impressive? “Millions” always gets people’s attention. Tuesday’s JOLTS report will give a tally of unfilled jobs for March.
You can read the rest of this article here: Wake Up To The Truth About JOLTS Numbers
We’ll be posting the podcast to our Shadow of Truth Youtube channel later this week. Crudele is the only mainstream media news reporter of which I’m aware that is willing to look for and publish the truth.