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Small business survey, JOLTS

Summary:
No sign of Trumped up expectations fading here: Hires fell, which most are saying indicates a lack of supply of workers. But the low wage growth and low participation rates tell me it’s more likely about low aggregate demand: Highlights Job openings rose sharply in June, to 6.163 million from 5.702 million in May. Hires, however, fell sharply, to 5.356 million from 5.459 million. This data set can be volatile but the underlying theme is a separation between openings and hiring which points to tightness in the labor market and the risk, at least theoretically, of wage inflation. Looks to me like ‘hires’ tend to lead openings:

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No sign of Trumped up expectations fading here:
Small business survey, JOLTS

Hires fell, which most are saying indicates a lack of supply of workers. But the low wage growth and low participation rates tell me it’s more likely about low aggregate demand:

Small business survey, JOLTS

Highlights

Job openings rose sharply in June, to 6.163 million from 5.702 million in May. Hires, however, fell sharply, to 5.356 million from 5.459 million. This data set can be volatile but the underlying theme is a separation between openings and hiring which points to tightness in the labor market and the risk, at least theoretically, of wage inflation.

Looks to me like ‘hires’ tend to lead openings:

Small business survey, JOLTS

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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