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Thread: The Biden Jobs Boom Is Bigger Than We Thought. God Bless President Biden!!!

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    Default The Biden Jobs Boom Is Bigger Than We Thought. God Bless President Biden!!!

    https://washingtonmonthly.com/2022/0...an-we-thought/


    When it comes to what’s been called the “Great Resignation,” there’s nothing new about Americans quitting their jobs to look for something better. The Bureau of Labor Statistics reports that from 2015 to 2019, an average of 38 million full-time and part-time working people voluntarily left their jobs per year—and that excludes retirements and layoffs. In 2021, those voluntary “quits” jumped to 47 million, the highest level ever.

    The pandemic almost certainly played a role by inspiring workers to reconsider their life choices. But for most people, moving from ruminating to resigning requires confidence that they can find a good position somewhere else. That’s why huge numbers of quits only happen in a booming job market.

    People who quit in 2021 generally found new positions much faster than normal. The number of open jobs waiting to be filled averaged 9.6 million per month in 2021, 47 percent higher than the average for 2015 to 2019. Those openings outpaced the high levels of quits by 70 percent. As a result, the median length of unemployment fell from 18.4 weeks in January 2021 to 12.4 weeks by December.

    The current employment boom is fueled by a highly successful economy and soaring rates of business creation. The Census Bureau reports that Americans created nearly 5.4 million private businesses in 2021—68 percent higher than the average of 3.2 million per year from 2015 to 2019. This historic level of business formation helped make the record level of quits possible, including those who left their jobs to start their own business. It also should help sustain healthy job gains throughout 2022.

    In every recent period, some laid-off workers start their own businesses, often by necessity rather than choice. And they are a small piece of current business formation: All told, 16.7 million people lost their jobs in 2021, compared to 47 million who left their jobs voluntarily.

    All of these factors contributed to the strongest job growth in more than 40 years. In 2021, the economy added 6.4 million jobs—a gain of 4.5 percent, or more than three times the average job growth of 1.4 percent from 2015 to 2019.

    In the last 30 years of Presidential Elections, the Republicans have only won the popular vote ONCE!!!

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    In the last 30 years of Presidential Elections, the Republicans have only won the popular vote ONCE!!!

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