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KEY CALL OUT
Health Care JOLTS Job Openings rolled over in April along with aggregate labor demand slowing as well. We measure labor demand as the sum of hires and openings. Sequentially, Job openings fell 266,000 which is the biggest decline in the last 10 years, even eclipsing declines during the first phase of the pandemic lock downs in March 2020. Hires looks good though, so a decline in openings isn't a collapse in demand, but an adjustment to a more normal operating environment and one we think leads to moderating wage growth. ADP confirmed the pace of hiring this morning, with +41K jobs added in May versus +53K in April. Again, utilization and medical demand is good even as we see the rest of the economy slow. We're short AMN and long HCA because demand trends are positive and labor costs are easing, and both JOLTS and ADP support that view, among other datasets. ACHC should benefit as well, but we have yet to push the button and move it from the Long Bench to an Active long, but as the price comes in that choice gets easier to make.
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Have a great day out there!
Thomas Tobin
Managing Director
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William McMahon
Associate
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