• The U.S. Bureau of Labor Statistics released new employment data which showed there are nearly two open jobs for every unemployed worker in the U.S.
• The federal data showed the number of job openings rose to 10.7 million in September, up about 437,000 from the previous month after a significant decrease in August.
• “Based on today’s release there are now 1.9 job openings for every unemployed worker,” Jason Furman, an economics professor at Harvard, wrote on Twitter.
• “This is slightly less tight than the 2.0 ratio earlier this year but just barely. This level of labor market tightness is consistent with continued fast nominal wage growth and high inflation.”

Tagged: #Bidenflation