June 5, 2018
For the first time in 20 years of JOLTS data there are more job openings, at 6.7 million in data for April, than the unemployed, at 6.4 million in April which has since fallen to 6.1 million in May. This follows last week's dip in the unemployment rate to 3.8 percent and offers some of the most convincing evidence yet that the economy is at full employment. And indications that demand for labor could begin to accelerate are the large backlog builds in a host of advance reports that include today's PMI services and ISM non-manufacturing reports. Markets held in narrow ranges with the Dow posting a fractional loss to 24,799.