Collapse: Unemployed Americans Surpass Available Jobs Since 2021 As Economy Melts Down
All of this is by design; the Federal Reserve, BlackRock, and others in that club are smiling.
The United States’ jobs market is falling apart. New reports show that unemployment has surpassed the number of available jobs since 2021, a time of stringent Covid-19 lockdowns and social distancing mandates, as companies hemorrhaged workers and staff resigned. Though the Trump administration continues to tout growth, the government’s own numbers indicate that the jobs market is in disarray.
Today it was reported that jobless claims rose to their highest since June. According to MarketWatch: “The number of people who applied for unemployment benefits in the seven days ended Aug. 30 rose by 8,000 to 237,000, the Labor Department said Thursday. It is the highest level since late June.”
But that is just the tip of the iceberg. The Bureau of Labor of Statistics reported on Wednesday that unemployed persons per job opening reached 2021 levels.
In other words, there are statistically more unemployed Americans than there are available jobs.
Reuters reported:
Job openings, a measure of labor demand, had dropped 176,000 to 7.181 million by the last day of July, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report. That was the lowest level since September 2024. Job openings have decreased by more than 300,000 over the past two months. Economists polled by Reuters had forecast 7.378 million unfilled jobs.
There were 181,000 fewer job openings in the healthcare and social assistance sector, marking the second straight monthly decline in vacancies. This sector has been the main driver of employment gains in recent months. Unfilled positions declined 110,000 in the retail sector while arts, entertainment and recreation vacancies fell by 62,000.
Professional and business services job openings decreased by 56,000. But job openings increased in the construction, manufacturing and financial activities categories. Federal government vacancies rose by 18,000, likely related to recruitment for immigration enforcement.
The job openings rate slipped to 4.3% from 4.4% in June.
Unemployment data in the United States has for years consistently underreported and skewed the numbers to make unemployment not as bad as it actually is. Shadowstats has documented this trend for years, when factoring in other datapoints which reveal real U.S. unemployment rate is above 25%.
NOTE: This chart is outdated as Shadowstats hides updated metrics behind a paywall.
On top of America’s failing jobs market, the Institute for Supply Management (ISM) found that U.S. manufacturing has contracted for the sixth month in a row. The ISM Manufacturing PMI hit 48.7%. A percentage lower than 50% represents contraction.
A little over one month ago President Donald Trump fired BLS chief statistician Erika McEntarfer, a Biden-era appointee, after a not-so-good jobs report was published that not only showed weak job creation, but also saw two massive revisions to payrolls for the two months prior.
Trump said, “In my opinion, today’s Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.” He added in a Truth Social post:
“Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.
“McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative.
“The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting “Kamala” elected – How did that work out?”
Trump has since nominated someone else to takeover, E.J. Antoni, the chief economist at the Heritage Foundation, though he still has to be confirmed.
But firing the former BLS head has made no difference. Today's latest jobs report was just as bad.
On top of that, ZeroHedge noted that the month of June “was revised from 27K to -13K, ushering in the first negative jobs print since 2020.”
Learn more about the jobs report and what it means moving forward here:
AUTHOR COMMENTARY
The irony of firing of the BLS chief is that she and her predecessors were already cooking the books to make it look like the country was seeing growth when it clearly wasn’t.
Those who have been with me since the start of The WP know that we have been reporting these numbers - inflation, jobs reports, unemployment, etc. - are so fake and fudged, and have been for a long time; but now it is getting out of control to the point where it cannot be hidden.
Just earlier this week here in my area an organic grocery store, Fresh Thyme - that I liked to shop at to get some things now and again - announced they are not renewing its lease and will close on the 19th; which absolutely stinks because while some items were overpriced, I liked that store, the service was nice, and during the Sniffles Stupid in 2020-2021 they never once hassled me over not wearing a mask (which I never did anywhere). But I had a feeling that the store was on borrowed time because an employee I chatted with there, who was actually awake to what is going on in the world, indicated that sales were down and prices were going to spike; and spike they did!
People who live in the real economy know that the jobs market has been fraudulent for years. Go online and there are tons of stories about ghost jobs - employers and businesses putting out fake listings for jobs that did not exist. This has become very common.
It’s not imagined that finding a job is getting harder and harder, and is another reason why more Millennials and Zoomers are crashing out and giving up, as they especially feel the brunt of the squeeze the most.
All of this is by design; the Federal Reserve, BlackRock, and others in that club are smiling. The Federal Reserve will cut rates soon, and this will further erode the purchasing power of the dollar.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 30:14 There is a generation, whose teeth are as swords, and their jaw teeth as knives, to devour the poor from off the earth, and the needy from among men.
This problem will only accelerate with AI and automation, as we have seen a taste of this year, and the continued influx of H-1Bs…
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It's hilarious how Donald Trump is still trying to say the economy is booming. When will his cult members ever wake up, though? I don't think they ever will. I think they are truly under witchcraft.
Things are about to get really uncomfortable.
2008 was nothing compared to what I am seeing right now.
I personally am very concerned.
I have seen the feast and famine cycles but this past month was next level
This is coming from the 3rd world Latin America. Some once middle class families can put food on the table
There is no $ in the streets now.
Many informal taxi drivers are lucky to make $20 a day.