“US firms add more jobs than expected in May”

Jun 3, 2022 | Economy

Here’s what keeps my No Recession glass at least half-full. Both here and in the US there are more vacancies than unemployed. That doesn’t mean, of course, that there are jobs that those without can or would want to do. Now-jobless fund managers, for instance, are unlikely to be found on airport check-ins, caring in care homes or other dose-of-the-real-world roles. It should mean, however, that if some companies struggle and lay-off there are plenty to take up the slack and lay-on. So we keep buying stuff and flying to Marbs, demand stays high, interest rates stay affordable and we stumble on as usual. That is the theory that I have and which is mine (one for the Python fans, kids etc.)

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