Before Wall Street Journal reporter Nick Timiraos was the Fed leaker-in-chief there was Jon Hilsenrath and he's back today writing about the economy and getting some attention.
Today the WSJ writes about fading job openings as a sign of cooling in the labor market. JOLTS have held up but other private surveys have begun to turn over.
The chart speaks for itself:
“Clearly, we’re in a macroeconomic slowdown, and online recruiting has effectively cooled across the country,” Ian Siegel, chief executive of ZipRecruiter, said in a conference call last week.
Importantly, Hilsenrath also points out that the reliability of the JOLTS data is in question, with fewer firms responding to the survey and a far-smaller data set than the private numbers. I have also long written about a secular change towards 'always-hiring' at large companies that could be skewing job openings higher.
