Today's dismal jobless claims data, combined with last week's dismal-er payrolls print, makes one wonder what "everything is awesome" narrative-confirming data point will be used next by the talking heads. As ECRI's Lakshman Achuthan explains, with job openings at near-record highs, according to the JOLTS data, some see an extraordinarily tight labor market. While that may be the positive spin everyone is looking for, what they seemed to have missed amid the euphoric headlines was the drop in actual hiring.
As the chart shows, the difference between the number hired and the number of job openings dropped to about half a million shortly before the start of the last two recessions (shaded areas). It then surged, peaking a little below two million soon after those recessions ended.
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http://www.zerohedge.com/news/2016-05-12/exposing-job-market-reality-only-purple-squirrels-need-apply
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