The latest data from overseas leave no doubt: the American labor market is beginning to show clear signs of fatigue. The combination of fewer job openings and more layoffs leaves Jerome Powell in a difficult position. The November JOLTS report is one of several key data on the labor market published this week, which will culminate in the December employment report, which will be released on Friday (American) morning, i.e. at 2:30 p.m. our time.
