Yesterday morning’s JOLTS report for February showed that the pandemic was still in control of the numbers.
This report has only a 20 year history, and so includes only two prior recoveries. In those recoveries:
- first, layoffs declined
- second, hiring rose
- third, job openings rose and voluntary quits increased, close to simultaneously
The recovery from the worst of the pandemic almost one year ago at first followed this script, but the winter surge, which led to a few month of flat, or worse, jobs reports, disrupted that trend.
Layoffs have followed the above script, reverting to normal levels back in last May, and continuing at those levels since: