JOLTS Surge, Next Steps for Labor Market

Job openings - or JOLTS - surged to a six-month high of nearly 7.8 million. A majority of gains came from the hospitality sector. However, Eric Winograd and Allison Shrivastava caution against readying too much into the data, citing the report's volatility and instead point to underlying labor market trends suggesting a state of equilibrium. They add that hiring and turnover rates are running at a slower pace than in previous years.

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