One more reason “transitory” and “temporary” have become a silly joke. Even the Fed is backing off promoting it.
Big drop in government jobs (education) blamed on seasonal adjustments gone awry.
Job openings spiked to record 11.7 million, while 12.1 million people still claimed unemployment benefits.
Data about the “Labor Shortage” pile up.
Formerly temporary, now persistent work-from-home turns into slow-motion nightmare for office landlords.
Business owners and hiring managers knew this in their gut for months.
In the current era of Stimulus Good Times, with its huge kinks.
And many people quit their job to take a better job with higher starting wage & signing bonus, offered by desperate employers.
The Fed is looking for jobs reports to justify tapering its asset purchases, and this was one. But the labor market is still messed up.
In an economy screaming for labor, the data is becoming clearer, despite breathless media coverage to the contrary.