https://www.wsj.com/articles/u-s-jobless-claims-rise-for-third-straight-week-11652964963
So according to the above Wall Street Journal article, the U.S. job market has just set 4 records, which, upon first glance, human instincts say shouldn't coexist at the same time:
- 1.3 million people are currently receiving unemployment benefits: The lowest number since 1969.
- Last month's 4 week average of new claims was 170,500: The lowest number since 1967.
Nothing eyebrow raising about those 2 on their own. But then you add these:
- Record high 11.5 million job openings in March
- Record high 4.5 million people quitting in March
So how can these 2 pairs of events occur at the same time? If people aren't collecting unemployment and not working, how are they surviving?
I doubt there are that many parents who can both afford to fully support adult children and are happy to do so.
At my old job and at my new job, a ton of people retired when the pandemic hit. Are most of the people who have left their jobs retirees? I highly doubt it. I wasn't offered a retirement plan when I worked as a McDonald's cashier, and my sister who works retail definitely doesn't have one.
Is it because… all the missing workers died of covid? I don't think the number of deaths is high enough for that.
Are people starting their own businesses at higher numbers than ever since the pandemic hit?
Are most of them the women who were forced to quit and stay home because schools and daycares closed?