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Job Openings Plunge By Most Since Covid Crash, Remain Stubbornly High: Nearly 2 Openings For Every Unemployed Worker

True Pundit July 11, 2022
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After recent reports that the US labor market had suddenly hit a brick wall, with mass layoffs surging…

… and job openings according to third-party trackers such as Revello showing that total job postings plunged by 22.5%, the biggest change on record…

… many were looking to see if these dismal trends would be confirmed by today’s closely watched JOLTs report, arguably the Fed’s favorite indicator of labor market softness (or tightness as the case is right now).

Well, for the second month in a row that did not happen, and instead the two-month delayed JOLTS report showed that in May, job openings did plunge by a whopping 427K, the biggest revised one-month drop since the covid crash, to 11.254 million but the drop was from a bigly upward revised 11.681 million in April (originally 11.4 million), the second highest print on record.- READ MORE

Categories: News

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