U.S. labor market tightens further in June

[jpak]

Source: Reuters

The share of unemployed Americans competing for each open job fell to a near eight-year low in June, pointing to a labor market tightening that could boost wage growth and bolster the case for an interest rate increase this year.

The Labor Department's monthly Job Openings and Labor Turnover Survey, released on Wednesday, showed the number of unemployed job seekers per open job fell to 1.58, the lowest since August 2007. The ratio was at 1.62 in May.

"We view this metric as an indicator of labor market slack and see its continued downward trend as supportive of our optimistic outlook for U.S. labor markets," said Jesse Hurwitz, an economist at Barclays in New York.

The so-called JOLTS report is one of the indicators being closely watched by Federal Reserve Chair Janet Yellen and other U.S. central bank policymakers as they contemplate raising interest rates for the first time in nearly a decade.

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Read more: http://www.reuters.com/article/2015/08/12/us-usa-economy-employment-idUSKCN0QH22020150812

[EEO]

1. I'm concerned about another large recession.

The financial system we have is unsustainable. Its lax regulations and the Fed continuing to prop it up can only work for so long before another major downturn. The emperor has no clothes.

[taught_me_patience]

2. Good news is bad news on DU

I can't wait for those DU data deniers to come and claim that there is no recovery, it's impossible to get a job, and there are hundreds of applicants for every opening.... etc. DU economic deniers are almost as bad as anti-vaxxers and climate change deniers.