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Quits Rate Hits Record In Funhouse Mirror Labor Market
US job openings fell more than 650,000 from July to August, closely-watched data out Tuesday showed.
The headline JOLTS print, at 10.44 million, was well below the 10.95 million consensus expected.
Hires dropped to 6.3 million, leaving the disparity near record levels (figure below).
The data comes as policymakers struggle to assess the trajectory of a labor market that's hopelessly out of balance. September's underwhelming jobs report underscored ongoing difficulties faced by employers in
The Federal Reserve is not currently buying junk bond ETFs. In early 2020, the Fed bought JNK, about $0.5BN worth, as part of its purchases of corporate bond ETFs (LQD and VCSH as well). At the start of 2021 the Fed’s corporate bond portfolio went into run-off. In mid 2021 the Fed started actively selling its portfolio.
Message to the GOP (with apologies to J. Carvillle): “It’s the crappy pay, stupid.”
I fear the message the GOP is getting is “stop giving these lazy mf’ers money, force them back to work, our poor business class is suffering”. The Democrats’ “social infrastructure” push is looking weaker by the week. Just my perception of things, and not one I’m happy about.