Mind the EUR crash

Advertisement

Nordea with the note:

Only Elon Musk disappointed more than the job report over the weekend (watch the price action in Dog(e)coin, in case you are curious), but some odds effects may be in play currently. Jobs openings are plentiful, but they are just hard to fill due to 1) mobility issues, 2) Covid-fears and 3) direct transfers and benefits providing a better alternative. Maybe the fast-food chains need to increase the sign-on bonuses even more than what we have already seen? Wage growth is coming oddly fast given the unemployment level. Time to resurrect the good old Phillips curve.

Chart 1. Jobs openings are plentiful and hard to fill – time to pay more?

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.