Time for the Fed to Declare “Mission Accomplished”
Today’s Consumer Price Index report sends a clear message: It is time for the Federal Reserve to declare “mission accomplished” in its war against inflation, stop fighting the economy, and turn its focus to the employment part of its mandate.
Jobs Report: The Labor Market Has Deteriorated
There are two main takeaways from today’s Jobs Report. The first is that labor markets in the private sector excluding healthcare and social assistance have deteriorated rapidly and are now anemic. The second is that American households are feeling the effects.
JOLTS Report: Labor Market Now Slacker Than Before Pandemic
The labor market is now slacker and slower than before the pandemic, and the pace of hiring is the slowest it has been since 2014, outside of the brief pandemic recession.
June CPI Decline Leaves the Door Open to September Rate Cut
For the first time since the pandemic, overall prices fell in June, surprising economists and increasing the likelihood of a September interest rate cut.
The Jobs Report Signals a Labor Market Deceleration
There are two main takeaways from today’s Jobs Report. The first is that the labor market has cooled off significantly. The second is that leading indicators in the report and from other sources signal further cooling ahead.
JOLTS Report Shows Labor Market Dynamics “Little Changed”
Job openings were revised downwards for April and inched upwards in May, according to today’s JOLTS Report. The data left the picture much the same—a new post-pandemic normal characterized by a lower-churn labor market.
Inflation Eases, Boosting Real Incomes and Consumer Spending: A Fed Rate Cut on the Horizon?
Inflation remains above the Federal Reserve’s target, but it has meaningfully cooled in recent months, providing a boost to real incomes and consumer spending.
A Strong Jobs Report Complicates the Fed’s Job
May’s Jobs Report came in hotter than expected, with the economy adding 272K payrolls across a broad range of industries.
Latest JOLTS Report Shows a Steady Labor Market
Today’s JOLTS Report for April is mixed. While the decline in job openings from a revised 8.4M to 8.1M, the lowest level in three years, suggests softening demand for workers, the increase in hires and quits implies quite the opposite—resilient demand and plentiful opportunity.
No Stag or Flation in Today’s Jobs Report
After what looked like a reacceleration in the first quarter, today’s Jobs Report shows the labor market returning to its prior trend of gradually normalizing job growth and wage growth.
A Mixed JOLTS Report Highlights the Strange New Normal in the Labor Market
Today’s mixed JOLTS Report suggests that demand for new workers continues to soften, but that layoffs and discharges remain extremely low.
Today’s Jobs Report and the Promise of Noninflationary Growth
As predicted by recent uptick in online job postings, today’s jobs report is strong across the board, with 303K jobs added in March, and the prior two months’ figures revised upwards by a combined 22K.
The Labor Market has Stabilized, According to the Jolts Report, But Other Macro Indicators Suggest a Rebound is Imminent
There are signs that a U.S. labor market rebound is near.
Inflation is Hotter Than Expected Again
The consumer price index (CPI) and core CPI (which excludes food and energy) came in slightly hotter than expected this morning. The CPI rose 0.4% over the month, with year-over-year inflation rising to 3.2% from 3.1%. Core CPI also rose 0.4% over the month, falling to 3.8% from 3.9%.
A Cooler Jobs Report Points to a Slackening Labor Market
Exactly as we predicted, the February Jobs Report reversed earlier indications of an accelerating labor market and instead showed a market that continues its gradual cooldown.
JOLTS Report Shows Low-Churn Labor Market
The January JOLTS Report contained few fireworks and painted a picture of a stable and steady labor market with considerably less churn than before the pandemic.
Inflation Was Firmer Than Expected Due to the Undersupply of Housing
The consumer price index came in slightly hotter than expected this morning, but showed continued gradual progress in the fight against inflation. The CPI rose 0.3% over the month, with year-over-year inflation falling to 3.1% from 3.4%. Core CPI rose 0.4% over the month, holding steady at 3.9%.
A Striking Jobs Report Suggests Stronger Labor Market Than Previously Thought—With Important Caveats
Today’s Jobs Report was truly striking, beating expectations for January and revising 2023 job gains upwards. It was also somewhat confusing, containing indicators of remarkable labor market strength alongside concerning indicators of weakness.
JOLTS Report: 2023 Was the Third-Best Year in the U.S. Labor Market
2023 was a strong year in the labor market according to most key indicators, but also the year with one of the largest labor market contractions on record.
Is It Too Early To Declare “Mission Accomplished” on Inflation?
Personal income and consumer spending both rose at a rate of 0.7% in December, well above the expected 0.5% pace. Incomes were boosted by robust wage growth and rising asset returns, which have expanded Americans’ real disposable personal income—that is, income after taxes and inflation—4.2% over the past year.