There Are Yet More Signs the Labor Market Is Getting Tight

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The Bureau of Labor Statistics has released its latest figures for total job openings, and nothing much changed since December. But it’s still a good excuse to show you a chart of the total number of unemployed per job opening, which is a good indicator of labor market tightness. However, in order to count all the unemployed and underemployed, I’m using the U6 measure of unemployment:

We’re not quite at dotcom boom levels, but we are at housing bubble levels. The number of unemployed people per job opening is now down to about the same level as 2006-07, the height of the last economic expansion. Obviously different industries have different problems, but overall this means that companies really are having trouble finding workers when a job opens up.

Despite this, and despite other indications that the labor market is starting to tighten, one measure remains an outlier: wages. They’ve gone up over the past couple of years, but only slowly. This is the ultimate test of labor market tightness: if companies are really having trouble finding people, they’ll increase wages to attract more job applicants. So far, that’s not really happening. It’s a little bit mysterious.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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