Job openings plummet, signaling a sharp downturn. Cyclical industries are beginning to crack.

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Job openings have plummeted sharply today, a steep decline witnessed only three times since 2000, each heralding a severe economic downturn. No wonder yields are dropping—this number is alarmingly bad. We’re now at a 26-year low. This isn’t just a statistic; it means trucks aren’t moving goods and the economy is slowing down noticeably.

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Jobs Data Shows Jobs Decreased for Second Month in a Row

According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey, the number of job openings in the US shrank for the second month in a row, setting a new three-year low. As of April, there were an estimated 1.2 available jobs for every job seeker, the lowest ratio since June 2021.

Fed’s Kashkari: Public Prefers Recession Over High Inflation

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Minneapolis Fed President Neel Kashkari shared that through recent discussions, he has learned that people would prefer a recession over enduring high inflation. Speaking on the Financial Times podcast, Kashkari emphasized the deep aversion to soaring prices, a sentiment he noted from conversations with labor groups and workers.