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To understand the underlying job growth momentum we decided to look beyond the robust headline number of the non-farm payroll and take a deeper look into the other payroll numbers.In recent days the strength of the Job data has surprised many market participants, dumbfounded the forecaster and even the Federal Reserve. So we decided to present a data that has been a good pre cursor of the underlying momentum.
This particular data point of job openings was losing momentum well before the economy fell into the grasp of the great recession in latest data shows that the Job openings are not only robust in the US but accelerating fast.
If such pace of growth remains and wage growth recovers faster we would be able to see the arrival of much awaited inflationary pressure.
This data reaffirms our view of strong US dollar globally over the medium to long term.
The following chart is of Job Openings in the US and all data levels in the chart are in thousands. Shaded area is the recessionary period.
