US job openings have hit a new all-time high of 9.21mn in May, up from a revised 9.19mn level in April, with hirings continuing to lag well behind at just 5.93mn. The reinforces the point that there is huge excess demand for workers as labour supply constraints linger. Unless this changes soon, the risk is this leads to more upward pressure on pay and more persistent inflation in the US economy. Openings outstrip hirings by more than 3.2mn: {chart} Labour supply holding back the recovery: The struggle to find staff has been highlighted by the June ISM manufacturing and services reports with employment components both ... (full story)