JOLTs data and consumer confidence signal faster labor-market decline. Hiring rate at 3.4%, decade low excluding pandemic. Same-store retail sales growth drops to 4.5%, lowest since March.

Yesterday's JOLTs data – plus consumer confidence – has some worried about a faster pace of labor-market deterioration. @MacroClaus wrote "Bye bye soft landing, it was nice knowing you." The hiring rate fell to 3.4%, the lowest in over a decade if you exclude peak pandemic months

— Lisa Abramowicz (@lisaabramowicz1) July 31, 2024

The rate of hiring is below the pre-pandemic normal, per Bloomberg: pic.twitter.com/hUILqKusiA

— unusual_whales (@unusual_whales) July 31, 2024

The labor market is in freefall:

1. Private sector job openings at 6 year low.
2. Hires plunge the most in over a year to lowest since April 2020
3. Quits tumble to lowest since covid crash. pic.twitter.com/pDaFAA7Ihc

— zerohedge (@zerohedge) July 30, 2024

Hospitality/Hotel hiring slowed to its lowest level since April 2020

— Don Johnson (@DonMiami3) July 31, 2024

Growth in same-store retail sales fell to the lowest since March at 4.5% in the week ending July 27.

via @KoyfinCharts pic.twitter.com/VNmKr9zNPW

— Daily Chartbook (@dailychartbook) July 31, 2024

Sources:

https://www.bls.gov/jlt/latest-numbers.htm

https://www.bls.gov/opub/btn/volume-11/retail-trade-employment-before-during-and-after-the-pandemic.htm

https://www.bls.gov/jlt/home.htm