Job Openings and Labor Turnover Survey shows that the Fed still needs to cut interest rates
Below, EPI senior economist Elise Gould offers her insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for July. Read the full thread here.
Top lines from JOLTS data for July (https://t.co/dXEZgZoGFw):
1. Job openings continue to normalize, falling towards pre-pandemic levels.
2. The hires rate ticks up, a promising sign after some softening in recent months.
3. Quits and layoffs changed little, each up 0.1 pps.
— Elise Gould (@eliselgould) September 4, 2024
While the uptick in hiring for July is promising, the longer term trend shows hires falling and unemployment ticking up. This softening in the labor market and continued high interest rate policy makes it clear that the Fed needs to lower rates to return to normal levels. pic.twitter.com/omDwb257wh
— Elise Gould (@eliselgould) September 4, 2024
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