There was an absolute shocker in today’s JOLTs report.
While consensus was expecting the BLS to report a print of 9.270MM in June job openings, which would be a new all time high and a modest increase from Mayh’s 9.209MM, nobody – not even the most optimistic whispers – was prepared for the shocking 10.073 million job openings that hit the tape at 10am ET sharp. This unprecedented number of job openings was made possible as more than 3.3 million openings were added in the past 6 months, with every single month of 2021 seeing an increase in job openings, the longest such stretch in history.