Job Openings Fell in May. Has Depressurization Begun?

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The number of job openings in May was 11.3 million, down slightly from April’s number of 11.4 million. Though still high, this slight drop is a sign that the job market is on a track to depressurize, rather than deflate. The unemployed people to job openings ratio held at 0.52 in May, signaling the tight labor market has not gotten any tighter. Fed Chairman Jerome Powell has emphasized the importance of introducing slack into this market. The Fed hopes their fights against inflation will allow for a soft landing. In that scenario, the job openings ratio would increase to

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