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Soft Landing Hope Floats In Multi-Sigma JOLTS Miss
At long last, US job openings printed a sizable downside surprise versus consensus.
Openings as of
Employment is just about the most lagging of indicators. Not surprising it took so long, given labor supply shock.
The Opening-to-Unemployed Ratio declining is better than rising, but I suspect it is falling too slowly to be genuine succor. At this rate, the O2U ratio seems unlikely to approach the Fed’s desired 1X before Something Else jolts the Soft Landing hopes. The Something Else may be shrinking spending, falling earnings, another breakage.