In other words, we're back to an employee's labor market rather than the employer's. Thanks Obama!
"The ratio of the unemployed to the level of job openings has decline to 1.43x, far below the near-7x peak at the worst part of the Great Recession and a place we have been at just two other times before (since the JOLTS data were first published.)
This may well be the most accurate measure of just how tight the labor market is — we are heading to an environment where we are down to one person competing for one job.
The sands have shifted towards this being a sellers' market for labour.
Wage acceleration either starts real soon or we can simply take the laws of supply and demand and throw them in the dustbin."
Of course, a well-timed extended government shutdown might cause some problems there with the economy...
That would be a shame, wouldn't it?