Job openings, JOLTS, consumer price index, inflation, mortgage
June 08, 2021
Job openings continued to surge in April after a record-high number of openings seen at the end of March. The Bureau of Labor Statistics reports that there were 9.3 million job openings at the end of April after the 8.1 million seen in March. The JOLTS or Job Openings and Labor Turnover Summary showed openings increased in a number of industries with the largest increases in accommodation and food services (+349,000), other services (+115,000) and durable goods manufacturing (+78,000). In addition, the NFIB reports that a record high 48% of business owners have unfilled job openings. On Thursday, the inflation reading Consumer Price Index for May will be released and will be closely watched by both the Fed and the investing community. The 4.2% increase in April was the largest jump over a 12-month period since a 4.9% rise for the year ending September 2008. Most pundits saw an increase in prices in May and June and possibly even July with a decline seen beginning in August through the end of the year. Once again, headline inflation will be much higher than the average 30-year fixed-rate mortgage – something that has not been seen in 50-years and is unsustainable longer-term.