Labor Market Tight. Goods Market Not So.

The Fed would like to see fewer job openings to help moderate wage inflation. The time series is reported in the JOLTS report. January's update comes out March 8. It could jolt the Fed into remaining hawkish. That's because it is highly correlated with the The Conference Board's "jobs plentiful" series that came out today and that's been up two months in a row through February (chart).