Job openings have surged to a new post-crisis high, and one economist thinks this data is about as good as it gets for the labour market.
On Tuesday, the Job Openings and Labour Turnover Survey, or JOLTS report, showed that job openings rose to 5.13 million in February, up from 4.99 million in January and topping expectations. (It’s worth noting, however, that this report was from February, where we saw a huge jobs number that was revised down in last week’s March report.)
Following this report, Chris Rupkey, Chief Financial Economist at MUFG Union Bank, said Tuesday’s JOLTS report shows, “the labour market is better now than it was in 2007, more jobs [are] available, and if that isn’t the definition of an economy at full employment, we don’t know what is.”
Rupkey added that the labour is improving quickly, and concluded his comments writing:
Net net, there are substantially more jobs available out there if you know how to find them. 5.133 million in February way better and higher than the 4.2 million jobs available this time a year ago. Someone please tell the 8.5 million unemployed about the 5.1 million jobs for hire signs out there in the country, and someone please tell the data-dependent 17 members of the Federal Open Market Committee: the labour market is stronger than you think. The Jolts data says the economy has reached full employment. Rate hikes are right around the corner. Bet on it.
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