Is There a Strength in the Labor Market?

The markets were very excited that the jolts reports show that we have two jobs available for every unemployed worker. This was supposed to be indicative of this strong labor market. But maybe those jobs are not really available, and so they continue to pile up as job openings. And by the way, there was some other weakness in this labor report. Average hourly earnings rose less than expected. It just means that workers are falling further behind as prices outstrip their pay gains.

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