The top of the hour lead into Morning Edition (sorry, no link) told listeners that hiring will be down for June because employers can’t find workers. Of course, employers who understand basic economics can find workers: they just raise pay to pull them away from competitors.

We aren’t seeing any large-scale increases in pay despite near-record profit shares. This suggests that either employers really are not short of workers or that they are too incompetent to understand the basics of the market.