A Jobs Report You’d Expect from an Economy Humming along in an Inflationary Environment

by Wolf Richter • Jun 7, 2024 • 95 Comments

Three-month averages have been steadfast: higher-than-normal job creation and wage increases.

Quantitative Tightening has removed 40% of Treasury securities and 28% of MBS that pandemic QE added.

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Stuck with a 6% or 7% mortgage that was supposed to be refinanced? The Fed is counting on them to help bring inflation down.

Rate hikes seem to be more effective in Canada than in the US in slowing the economy and bringing down inflation.

Too little too late? Japan had trade deficits for years; a crushed yen is not good. Needed now: Big QT & rate hikes to bail out the yen.

Layoffs & Discharges drop further, and are far lower than before the pandemic, as employers cling to their workers.

Even more office jobs are expected to vanish, leaving even more vacant space behind.

A massive corporate rethink is underway. Inflation in construction costs explains only a small portion of the spending boom.

To what extent are interest payments eating up the national income?

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