In a recent video by real estate expert Michael Bordenaro, the current state of job openings across America is discussed in detail. The video explores the alarming trend of declining job opportunities and the broader implications for the economy. Let’s see what Bordenaro had to say with a breakdown of the key points he makes.
Job Openings vs. Job Creation
Bordenaro begins by noting the paradox between job reports showing high numbers of new jobs being created and the actual number of job openings, which is dropping in every state. Despite the seemingly positive job creation statistics, the reality is that the labor market is not as robust as it appears. This discrepancy highlights a critical issue: the types of jobs being created and the quality of these positions.
Balancing Job Openings and Unemployment
For the first time since before the pandemic, the number of job openings and the number of unemployed people are roughly in balance. This equilibrium is a stark contrast to the previous years where job openings far exceeded the number of unemployed individuals. Bordenaro cites the US Bureau of Labor Statistics, which indicates that job openings have declined sharply in every state since 2022. This shift suggests that the labor market is normalizing, but not in a positive way.
Real-World Impacts
Bordenaro shares personal anecdotes, including his mother’s boyfriend, who has been at his job for 39 years but is now facing uncertainty due to a lack of available work. This example illustrates the anxiety many long-term employees are experiencing as they consider whether to seek new employment or hope that their current positions remain secure.
Regional Disparities
The video also highlights regional disparities in job openings and unemployment rates. California, for instance, has an unemployment rate above 5%, while states like North Dakota have more job openings than people to fill them. This geographic imbalance underscores the uneven economic recovery and the differing local economic conditions across the country.
Challenges for Employers
Bordenaro touches on the difficulties employers face in hiring qualified workers. He shares a viewer’s experience as an administrator struggling to fill job openings despite posting positions for months. The qualified candidates are either not applying or are ghosting the interview process, reflecting a broader issue of mismatched expectations between employers and potential employees.
Economic Indicators and Future Outlook
Despite a recent dip in unemployment claims, Bordenaro warns that the overall trend shows a rising unemployment rate, currently at 4%. Historically, increasing unemployment precedes economic recessions, suggesting that the US may be on the brink of another downturn. The disconnect between the headline job creation numbers and the underlying job market conditions further complicates the economic outlook.
The Quality of Job Creation
One of the critical points Bordenaro raises is the quality of jobs being created. He argues that many new positions, such as those at Home Depot offering only a few hours a week, do not provide sufficient income for workers to live on. This reality is masked by the aggregate job creation numbers, which do not account for the adequacy of the employment being offered.
“The Media Won’t Report”
People in the comments shared their thoughts: “The people who won’t hire over 40 and the people who expect us to work until age 70 are the same exact people.”
Another commenter added: “Lay offs are going on all over right now, but the media won’t report on it unless it’s happening at a big company. Smaller businesses are being crushed right now.”
One person concluded: “The only thing I’m getting from the mountain of applications I’m sending out is scam calls.”
A Concerning Picture
Bordenaro’s video paints a concerning picture of the current job market in the United States. While headline numbers may suggest a thriving economy, the underlying data reveals significant challenges. Job openings are declining, unemployment is rising, and the quality of new jobs is questionable. As the nation faces these economic uncertainties, it is crucial for both policymakers and the public to understand the complexities of the labor market beyond the surface-level statistics.
Attracting and Retaining Quality Candidates
What do you think? How can policymakers address the regional disparities in job openings and unemployment rates? What strategies can long-term employees use to navigate job market uncertainties? How can employers better attract and retain qualified candidates in a competitive job market?
Find out more by watching the full video on Michael Bordenaro’s YouTube channel here.
