PCE

August JOLTS showed openings rising to 7.89M. But hires stayed flat at 3.2% for a third month and quits collapsed to 1.7% — the lowest since January 2021. October optimism should be read as employer planning energy, not worker bargaining power.

Three-panel infographic showing the triple-divergence: openings up, hires flat, quits collapsing. The Q4 labor market is opening for employers, not for workers trying to move.