Job Openings Decline by Over a Million, But What Does It Mean?

This view isn’t without controversy: Economists Olivier Blanchard, Alex Domash and Lawrence Summers wrote that they found Messrs. Waller’s and Figura’s argument “entirely unconvincing as support for ‘the soft landing’ idea.” Rather, they concluded that a sharp drop in vacancies to historically normal levels is unlikely to occur without a corresponding major increase in unemployment.