LABOR LOSSES

November job openings sank to 7.146 million, down 303K from October and are down 512,000 in the last two months. They are now at their second-lowest level since 10/20. Moreover, hiring slid 253,000, the biggest one-month decline since 6/24 and are at their second lowest level since 4/20. In other words, job openings are down 11% Y-o-Y and hiring is down 3.6%. The demand for labor is shrinking. Not good.