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Weaker JOLTS Bolsters Looser Job Market Narrative

US

Treasuries are higher (10Y yield down 6bp) and the USD weaker (DXY -0.2% to a session low) as the latest JOLTS survey shows a sharp drop in job openings - note that the FOMC has been closely eyeing this as a measure of labor market slack (or lack thereof).

  • The 1.1 million drop in JOLTS job openings in August is the biggest fall since April 2020, and brings total openings to the lowest level since June 2021.
  • That figure compares to 6.0mln unemployed people in August, so an "excess" of 4.0mln openings to unemployed, the lowest gap since October 2021. So, still very elevated but well off the peak.

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Treasuries are higher (10Y yield down 6bp) and the USD weaker (DXY -0.2% to a session low) as the latest JOLTS survey shows a sharp drop in job openings - note that the FOMC has been closely eyeing this as a measure of labor market slack (or lack thereof).

  • The 1.1 million drop in JOLTS job openings in August is the biggest fall since April 2020, and brings total openings to the lowest level since June 2021.
  • That figure compares to 6.0mln unemployed people in August, so an "excess" of 4.0mln openings to unemployed, the lowest gap since October 2021. So, still very elevated but well off the peak.