Crucial US Labor Market Data Shows No Rebalancing Progress

There were 10.458 million job openings across the US economy on the last business day of November, crucial data released on Wednesday showed. That was barely lower than the prior month, and far more than the 10.05 million economists predicted. Arguably, the headline print from the government's JOLTS report is now the most important macro data point on the planet. The Fed desperately needs to rebalance the labor market in order to bring wage growth down to levels consistent with its inflation t