Quote:Further evidence the labor market is weakening:

The index of US consumers saying jobs are plentiful declined to 34.1 in July, the lowest level since March 2021.

In other words, Americans are the most pessimistic about the ability to find a new job in 3 years.

This share has decreased by ~22 points over the last 2 years as the labor market has materially slowed down.

In the past, such a rapid decline in consumer sentiment about jobs has ALWAYS coincided with a recession.

Meanwhile, the ratio of job openings per unemployed worker fell from 2.0 in 2022 to 1.2 in June 2024.

The labor market is no longer tight.