FAST FIVE: Shocking JOLT: Biggest Crash In Job Openings On Record (Outside Of Global Covid Lockdown)
which nonetheless was the lowest number since October 2021.
It wasn't just job openings which plunged: hiring did too, and in August, the BLS reported that total hires dipped to 6.277 million which would have been the lowest print since May 2021 if only the BLS had not strategically revised the July print sharply lower to 6.238MM from above 6.3MM.
In retrospect, the dismal labor prints perhaps should not have been a surprise because if one ignores the clearly politicized nonfarm payrolls report, the latest ADP change of just 132K was ugly, but it was the collapse in the ISM Mfg employment index that was the real shocker.
22: “Job openings could come down significantly-and they need to-without as much of a an increase in unemployment as has happened in earlier historical episodes.” This is exactly what the Powell Fed has been looking for.
22: “Job openings could come down significantly-and they need to-without as much of a an increase in unemployment as has happened in earlier historical episodes.”- Nick Timiraos (@NickTimiraos) October 4, 2022 The buy signal couldn't be more clear.