For those fascinated by the narrative that AI will cause a margin-busting corporate revolution as millions of mid-level employees are replaced by a cheap ” bullshitting ” AI algo, then today’s latest JOLTS report will come as a far smaller shock than the bizarre surge in job openings from one month ago. That’s because after unexpectedly surging by 575K in April following three months of sharp declines, the BLS reported that in May the number of job openings resumed its decline, sliding by 496K, to 9.824MM from an upward revised 10.320 million. The number was also about 1.6 million below the 11.4 million from a year ago and below the consensus estimate of 9.9 million, a rare miss in a series which has been best known for decisively beating Wall Street’s expectations. According to the BLS, the largest decreases in job openings were in health care and social assistance […]
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