3 October 2023
The Bureau of Labor Statistics (BLS) reported a suspiciously high 9.61 million job openings in August, amid an economic environment that suggests otherwise. With a record low 31% response rate to the Job Openings and Labor Turnover Survey (JOLTS), approximately 70% of the job openings figure is an estimate. The stark discrepancy between skyrocketing job openings and minor changes in quits and hires casts a shadow over the data’s credibility, fueling skepticism towards the Biden administration’s economic reporting amidst other ongoing economic challenges.