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How Many More Americans Might Have Quit Their Jobs Than The Huge Number Already Estimated

Jeffrey Snider profile picture
Jeffrey Snider


  • Job Openings (JO) declined a fair amount, down a bit more than half a million, seasonally adjusted, October to November. At 10.56 million, that’s still wildly elevated, so the most important takeaway from the recent estimates is how they have peaked back around June and July.
  • The BLS believes the rate of hiring (HI) was rather good in November, too, 6.70 million, though not anywhere close (especially adjusting for population) to as good as JO pegs the demand for labor.
  • The net turnover, which we use to reconcile JOLTS with CES, has been diverging of late, with a rather large discrepancy now penciled in for November 2021.

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There were a few surprises included in the BLS JOLTS data just released today for the month of November (Note: The government has changed its release schedule so that JOLTS, already one month further in arrears than the

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Jeffrey Snider profile picture
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. Jeff joined Atlantic Capital Management, Inc., in Buffalo, NY, as an intern while completing studies at Canisius College. After graduating in 1996 with a Bachelor’s degree in Finance, Jeff took over the operations of that firm while adding to the portfolio management and stock research process. In 2000, Jeff moved to West Palm Beach to join Tom Nolan with Atlantic Capital Management of Florida, Inc. During the early part of the 2000′s he began to develop the research capability that ACM is known for. As part of the portfolio management team, Jeff was an integral part in growing ACM and building the comprehensive research/management services, and then turning that investment research into outstanding investment performance. As part of that research effort, Jeff authored and published numerous in-depth investment reports that ran contrary to established opinion. In the nearly year and a half run-up to the panic in 2008, Jeff analyzed and reported on the deteriorating state of the economy and markets. In early 2009, while conventional wisdom focused on near-perpetual gloom, his next series of reports provided insight into the formative ending process of the economic contraction and a comprehensive review of factors that were leading to the market’s resurrection. In 2012, after the merger between ACM and Alhambra Investment Partners, Jeff came on board Alhambra as Head of Global Investment Research. Currently, Jeff is published nationally at RealClearMarkets, ZeroHedge, Minyanville and Yahoo!Finance. Jeff holds a FINRA Series 65 Investment Advisor License.

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Comments (3)

Idle hands are the devil's workshop.
Economic collapse. People refusing to work and get vaccinated.
bale002 profile picture
@Phil Dumfee Economic lopsidedness: fewer and fewer with more and more technology capable of feeding junk (junk consumer products, junk jobs, junk food, junk news, junk pharmaceuticals) to a larger number.
Yes, such shape could lead to collapse, but it could roll around in semi-circles for a while.
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