ACTV - U.S. Jobs Market Reverting To Pre-Pandemic Norms
2024-07-02 12:53:00 ET
Summary
- Job openings improved, but the trend is still softening.
- The soft quits rate suggests the jobs market has normalised.
- Inflation pressures emanating from the jobs market should continue to cool, keeping the door open for rate cuts later this year.
Job openings rise, but the trend is softening
Job openings rose to 8140k in May from a downwardly revised 7919k in April. This is above the 7946k that was expected. We use the Indeed job website’s total job postings numbers as a guide when we put our forecast for job openings together and as the chart below shows, the series tends to fluctuate around where Indeed’s numbers are. The trend remains one of shrinking vacancy numbers with the US economy tending towards pre-pandemic levels and likely hitting that point before the end of this year....
U.S. Jobs Market Reverting To Pre-Pandemic Norms