๐Ÿ“ˆ TKer by Sam Ro

๐Ÿ“ˆ TKer by Sam Ro

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๐Ÿ“ˆ TKer by Sam Ro
๐Ÿ“ˆ TKer by Sam Ro
The US economy is now less โ€˜coiledโ€™ ๐Ÿ“ˆ
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The US economy is now less โ€˜coiledโ€™ ๐Ÿ“ˆ

Job openings have normalized from extraordinary levels ๐Ÿงณ

Sam Ro, CFA's avatar
Sam Ro, CFA
Jun 04, 2024
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๐Ÿ“ˆ TKer by Sam Ro
๐Ÿ“ˆ TKer by Sam Ro
The US economy is now less โ€˜coiledโ€™ ๐Ÿ“ˆ
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Job openings, while elevated, are off their highs. (Source: BLS via FRED)

Another massive economic tailwind has faded.

According to the BLSโ€™s Job Openings and Labor Turnover Survey, job openings in April fell to 8.06 million, the lowest level since February 2021.

During the period, there were 6.49 million unemployed people โ€” meaning there were 1.24 job openings per unemployed person. While this ratio continues to be one of the most obvious signs of excess demand for labor, itโ€™s nevertheless back down to levels seen before the pandemic.

While there are still more job openings than unemployed people, the ratio has normalized. (Source: BLS via FRED)

To be clear, the normalization in job openings does not necessarily mean the economy is barreling toward a recession. On the contrary, many metrics suggest this economic recovery still has legs.

However, itโ€™s the latest sign that the economy has gone from very hot to just pretty good.

When the economy became a โ€˜coiled springโ€™ ๐Ÿ’ช

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