Full Employment with Border Control
The Bureau of Labor Statistics reported Tuesday that job openings fell to 6.88 million in February from an upwardly revised 7.24 million in January. Hires dropped to 4.85 million, the lowest since April 2020, and quits slipped to 2.97 million, the lowest since August of that year. The standard interpretation is that this confirms a “low-hire, low-fire” labor market in which employers and workers are frozen in place.
That gets the story backward. The JOLTS report looks less like a labor market losing steam than one settling into full employment in a country where the labor force has stopped growing rapidly.
Fro…
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