Workers available vs. jobs available

While numerous metrics around the labor market point towards slowing, note these movements bring conditions towards normalization— as a material historical mismatch between the number of jobs available relative to the number of workers exists.

Markets will be focused on labor market data this week ahead of the FOMC’s December meeting on December 13th.

Tuesday’s JOLT’s Job Openings figure surprised to the downside, which is evidence of the labor market easing. Labor market resilience has been a pillar of the “higher for longer” narrative, yet additional economic releases pointing towards labor weakness could pull forward expectations for the Fed to ease monetary policy.

Source: BLS, as of 10/31/23

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The Verus Market Note provides market commentary along with relevant charts and graphs. Each week, we highlight a key story from the finance world that we believe will pique your interest. While these insights are meant to inform and enrich your understanding of the current market landscape, they should not be taken as direct recommendations for immediate portfolio adjustments.