Friday’s non-farm payrolls report has some people rethinking the path of rates but this chart is a reminder that jobs data is undoubtedly slacking. The employment trends data is a composite of already-released data and it’s now slightly below pre-pandemic levels.
“The ETI has been on an extended downtrend that mirrored the decline in
job vacancies over the past two years, yet the overall employment
picture has remained strong through much of that time,” said Mitchell
Barnes, Economist at The Conference Board. “And while hiring has slowed
in recent months from its former rapid pace, last week’s Employment
Report showing outsized gains in September should alleviate some
concerns—right at the time the Fed has started its rate-cutting cycle.
Despite falling steadily from its peak, the ETI remains around 2018-19
levels.”
“With many companies fully restaffed to prior levels, jobseekers have
begun experiencing challenges entering the market at this stage,” added
Barnes.
This article was written by Adam Button at www.forexlive.com.
