There Are Now Just 2.1 Unemployed Americans Per Job Opening

U.S. employers had 4.635 million job opening in May, up from 4.464 million in April. This is according to the Bureau of Labor Statistics' new Job Opening and Labor Turnover Survey.

This comes as the unemployment rate continues to fall.

"The ratio of unemployed job seekers per job opening fell to 2.11 (previous: 2.18), its lowest level since 2008," said Barclays' Cooper Howes. "This ratio has declined steadily in recent years and currently stands below the average of 2.18 seen from 2002 to 2006 even though the unemployment rate averaged 5.4% during that time. In our view, this suggests that there is little slack remaining in labor markets and that wage growth will pick up more quickly than it did at similar levels of the unemployment rate in past cycles."

And hotter wage growth means higher inflation.

Economist Mark J. Perry just tweeted the chart.