How Job Openings Outpace Hires and Reshape Fed Policy

The U.S. labor market is sending a confusing signal: job openings are rising again, but hiring isn't keeping pace. In this episode of The Macro Memo, Lucas and Luna dig into the latest JOLTS data from May, which showed openings climbing to 7.59 million while hires and quits remained flat. They explore what this 'hiring chill' means for wage growth, worker bargaining power, and the Federal Reserve's next move. With the unemployment rate ticking down to 4.2 percent and initial jobless claims dropping sharply to 187,000, the hosts discuss why the Fed might be more focused on the quits rate than on headline payrolls. They also connect the dots to Fed Governor Kevin Warsh's recent comments about 'three key phrases' that signal a shift in how the central bank interprets labor tightness. Tune in for a nuanced breakdown of why the gap between openings and hires could be the most important number the Fed is watching right now. #JOLTS #JobOpenings #LaborMarket #FederalReserve #KevinWarsh #FedPolicy #QuitsRate #WageGrowth #UnemploymentRate #JoblessClaims #EconomicData #MacroMemo #FexingoBusiness #BusinessPodcast #Economics #Inflation #MonetaryPolicy #Hiring Keep every episode free: buymeacoffee.com/fexingo