US Job Openings Tumble In Sign Of Labor Market Normalization
US job openings fell more than expected to reach a new three-year low in key data released Tuesday.
There were 8.06 million open positions on the last business day of April, the BLS said. That was far fewer than expected.
The prior month's headline was revised lower to 8.36 million from an originally-reported 8.49 million.
Hires were effectively unchanged thanks to a sharp upward revision to March's total. The gap thus narrowed meaningfully for a second month.
Although I still believe we'v
Fed needs to start cutting soon. Real time data is suggesting this. It will be really interesting to see if payroll data confirms the slowing narrative on Friday. The cyclical effects of fiscal policy stimulus slowing and the pandemic normalizing is suggesting this. Growth appears to be slowing. Not calling a recession but if the fomc stays at this level too much longer that’s what we will get. Time for Powell to step up and lead and not blindly follow backward looking data.
Will be interesting to see which mandate the FOMC prioritizes, should the two mandates conflict. In his terse Jackson Hole speech a couple years ago, Powell made it clear that the inflation mandate trumped the full employment mandate, but that was with inflation much higher, FF much lower, and pre-SVB. Today, I wonder if sustaining high employment might not take precedence.