US JOB OPENING

US job openings are now at recession levels:

US job openings dropped -386,000 in December, to 6.5 million, the lowest since September 2020.

Over the last 2 months, job openings have declined -907,000, the biggest 2-month drop since March 2023.

The number of available vacancies has plummeted -5.6 million since the March 2022 peak.

This is now below levels seen before the pandemic in 2018 and 2019, at ~7.0 million.

As a result, the ratio of available vacancies to unemployed workers is down to 0.87, the lowest since February 2021, and significantly below the pre-pandemic high of 1.24.

This is also below the levels recorded during the 2001 recession.

US job market weakness is accelerating.

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