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Politics : Formerly About Advanced Micro Devices
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From: jlallen10/16/2015 2:26:30 PM
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Yellen's "Favorite" Labor Indicator Tumbles: Job Openings Drop Most Since 2009

Submitted by Tyler Durden on 10/16/2015 11:29 -0400

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One month ago, when the JOLTS data showed the highest number of job openings in history, rising by a near record 430,000 to 5.8 million vacant positions, most speculated that this data - considered to be Janet Yellen's favorite indicator of slack in the labor market now that the unemployment rate has become utterly unreliable due to the 94 million Americans out of the labor force - had sealed the fate of a September rate hike.

It did not, as instead the Fed decided to shift to its 4th mandate (the 3rd being the stock market), namely the "global environment" as the reason not to tighten monetary conditions.

But while the JOLTs data turned out to be useful to "confirm" a stronger economy, even if it was roundly rejected when it was expected to be the fulcrum catalyst for monetary policy change, we are confident it will be completely ignored this month when moments ago the BLS revealed that in August, the number of job openings tumbled back down by 298,000 to 5.37 million: far below expectations and the biggest monthly drop since the 301,000 slide in March of 2009.
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