The JOLTS headline looks good, but the internal structure suggests that nonfarm payrolls may miss expectations.

In May, the U.S. had 7.59M job openings, the highest in two years, rising for the second consecutive month, far exceeding Wall Street's forecast of 7.3 million.

If you only look at this number and close the page, you'll walk away with the conclusion that "the U.S. labor market remains strong." Most media headlines convey the same meaning.

But this number is like a person with a normal body temperature—you think they are healthy, but in reality, their blood pressure is extremely low and their heart rate is weak; they just haven't collapsed yet.