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June 6, 2017 By Peter Boockvar

Record high in job openings


United States

If one is looking for a job, it’s out there. It just may not be exactly what is wanted. In April, job openings totaled 6.04mm, almost 300k more than expected and that is a record high (not adjusted for population). While that is up by 259k from March, the supply of labor is just not there as hirings fell by 253k and the hiring rate was down by one tenth to 3.5%, matching the lowest since April 2014. We saw a decline in the number of quitters, giving back the rise in March and the quit rate fell one tenth to 2.1% and remains in a tight range of 2-2.2%.

Notable job opening increases were in construction, finance/insurance and hospitality. Job openings in manufacturing fell to a 4 month low.

Bottom line, the story remains the same in that the supply of labor is not meeting the demands. This of course has not led to faster wage growth so as to entice more supply to come off the sidelines but we still wonder how long this will last. In addition to the lack of productivity in this economic cycle, we can add this dearth of labor supply as another limiting factor on growth. This is late cycle stuff and no wonder why the yield curve spread continues to shrink.

Screen Shot 2017-06-06 at 8.26.18 AM

Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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