‘Immaculate Disinflation’ Lives

Good news for the soft landing crowd: US job openings were "just" 8.827 million on the final business day of July, key data released on Tuesday showed. That was far fewer than the 9.5 million consensus expected. The headline print constituted a meaningful downside surprise and should bolster the so-called "immaculate disinflation" narrative. Note that June's headline was revised sharply lower. Measured against June's reading as initially reported, openings fell by 755,000 in July. Vacancies ar

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