The May JOLTS painted a brighter picture of the jobs market than other recent labor market data. Openings rose to 7.8 million, up from 7.4 million in April. Despite the headline beat, we suspect underlying demand for new workers continues to recede amid growing signs of consumer spending fatigue, which should help to offset the upward pressure on inflation stemming from tariffs in the coming months. {chart} Job openings unexpectedly jumped to 7.8 million in May, up from 7.4 million in April. While the beat appears out of step with separate data (e.g., Indeed job postings, small business hiring plans, continuing ... (full story)