Breitbart Business Digest: This Is What Full Employment Looks Like

Full Employment with Border Control

The Bureau of Labor Statistics reported Tuesday that job openings fell to 6.88 million in February from an upwardly revised 7.24 million in January. Hires dropped to 4.85 million, the lowest since April 2020, and quits slipped to 2.97 million, the lowest since August of that year. The standard interpretation is that this confirms a “low-hire, low-fire” labor market in which employers and workers are frozen in place.

That gets the story backward. The JOLTS report looks less like a labor market losing steam than one settling into full employment in a country where the labor force has stopped growing rapidly.

From Super-Abundant to Ample

For most of the Biden years, the labor market was absorbing an enormous influx of new workers coming in from foreign lands. Net immigration ran at roughly three million a year, creating a labor supply so abundant that