And yet, the unemployment rate continues to inch up, job openings continue to fall, and payroll data continue to underwhelm.
But how long that enthusiasm can continue to outweigh declining labor market indicators remains to be seen.
AdvertisementThe first is declining job openings, which are down to 7.6 million from 2022 highs above 12 million.
BullAndBearProfits.comAnother sign Wolfenbarger shared showing the labor market is turning sour is the Kansas City Fed's Labor Market Conditions Index, which is a composite of 24 job market indicators.
BullAndBearProfits.comFinally, in a September 2 note, Wolfenbarger shared a chart from Bank of America showing the decline in private job growth as a share of all job growth.
Persons:
—, Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, there's, BullAndBearProfits.com, John, Hussman, Stocks
Organizations:
Service, JPMorgan, Business, Kansas City Fed's Labor, BullAndBearProfits.com, Bank of America
Locations:
Kansas