Hiring data came out today, and October was slightly down over the previous month. However, this is part of a longer term decline:
New hires are now back down to their 2019 level and falling steadily. Job openings were down 7% from September, but still well above their pre-pandemic level. It's nothing to be alarmed about yet, but it might be in a few months.
It's the consequence of the Fed's rate, for which the prime rate is set, costing businesses a lot of money for using their revolving lines of credit (and similar instruments) to operate, n'est pas?
Chart: Hires for May through October are basically flat
Kevin: Hires are falling steadily
Come on, man. Sure, there's maybe reason for some concern there in that chart, but two HUGE THINGS:
1) The first year in your chart was marked by much higher hiring rates than normal. You can't keep cherrypicking the start date. ESPECIALLY since it's just before vaccines became available and of course hiring shot up.
2) It's not like 2019 hiring rates were bad or something.
For fuck's sake. You're supposed to be not-a-hack. Stop being a hack.
You're doing a disservice to readers by continuing this kind of irresponsibility. We can't engage with the point of your post (the "maybe there's some concern" bit I mentioned above) if you have fundamental problems with how you're presenting your point.
Once again, cmayo beats me to it. Completely agree.
Which arguably should be included in the chart.
So will this be bad news is good news because the Fed might lower rates...or bad news is bad news because we could be headed into a recession?