Article by Thomas Ferguson and Servaas Storm
The McKinsey report's highlighting of an extremely high job vacancy ratio in recent years does not reflect the true state of the U.S. labor market.
Excerpt:
"Every so often a publication comes along that more or less perfectly captures the Zeitgeist of world business elites. So it was on the 26th of June when the McKinsey Global Institute issued a new report: "Help Wanted: Charting the Challenge of Tight Labor Markets in Advanced Economies."
The message its few pages of charts and text deliver is dire indeed: "Labor markets in advanced economies today are among the tightest in two decades, not merely a pandemic-induced blip but rather a long-term trend that may continue as workforces age."
However, "There is no doubt that the rise in the job vacancy ratio is spurious, i.e., not related to real labor-market tightness, but instead most likely caused by a sharp increase in manipulative job postings." |
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