How hot is the labor market really?

What can we infer by looking at labor productivity, workforce age structure and rate of job creation?

Today, initial unemployment claims, one of the key metrics that has been supportive of the strong labor market narrative came in at 219k, ahead of 203k consensus. Could be nothing. But could be something.

And job openings are dropping like a stone. I have mentioned in a previous article that I believe the absolute level of job openings might be misleadin…