Dr. Yellen says that the JOLTS
(Job Openings and Labor Turnover Report) is an important indicator of the labor
market that she watches it carefully. The March JOLTS came out this morning and the
key phrase in the BLS’ commentary is "March was little changed from
February." The labor market was on
cruise control. The press commentary
that followed the announcement opined that the report shows no pickup in
activity and will not satisfy Mrs. Yellen that conditions are improving. She can be expected, they think, to remain
very dovish.
I find this puzzling. Doesn’t the key chart of JOLTS data above,
the “Number of unemployed per job opening,” look great?
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