Monthly data for August included deflation in both import and export prices, a flat PPI, a flat inventory to sales ratio at elevated levels, and a decline in consumer sentiment as measured by the University of Michigan. Most analysts called the JOLTS report strong, focusing on the continued surge in job openings. I demurred, noting that actual hires have turned negative YoY, and quits have been stalled for the last 10 months, a pattern last seen in summer 2006.
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