Want to watch what Janet Yellen is watching?
Make sure you pay attention at 10:00 AM ET to the JOLTS. That’s the Job Opening And Labour Turnover Survey, and it gives us more insight into the labour market beyond what we get from the Non-Farm Payrolls report. Specifically, it looks at numbers like Job Openings and people who are quitting their jobs.
Why is this especially interesting? Because this is a great way to see if there’s any structural unemployment happening in the economy. If job openings are rising sharply, but actual employment is not rising sharply, it’s a sign that there’s a lot of potential work that’s going unfilled for some structural reason (like for example, there’s a shortage of qualified workers in fast-booming fields).
So far there hasn’t been much of any signs of structural unemployment, but it’s still worth watching.