Jolts Data Has Further to Go Before Powell’s Happy

The April JOLTS data fell though was higher than forecast and data for March was revised up. That means the Fed’s recent tightening has not slowing hiring yet and the Treasury curve can flatten further. Every unemployed American could have 1.92 jobs if they wanted. That’s down from 1.99 at the end of March. Pre-pandemic, that level was closer to ~1.23. That ratio has further go before it makes Fed Chair Jerome Powell happy. Powell told investors last month he wants job vacancies and quit rates to decrease so the labor market can come back into balance, curbing wage inflation. ...