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The U.S. job market is flashing red, with multiple indicators dropping to their lowest levels since the 2020 pandemic.
ME News Report, April 3 (UTC+8), according to The Kobeissi Letter data, U.S. February government job openings dropped to 701k, the second-lowest since December 2020, down 524k from the 2022 peak. Federal government vacancies are only 89k, with the hiring rate falling to 1.4%, matching the lows of 2016 to 2017. Private sector layoffs also surged significantly, with Oracle reportedly cutting up to 30k jobs, Amazon reducing 16k positions, and Block laying off over 4,000 employees. Regarding consumer confidence, only 27.3% believe there are enough jobs, far below about 55% in 2022; the labor market disparity indicator dropped to 5.8 percentage points, the lowest since the pandemic. Kobeissi pointed out that this indicator has historically been a reliable leading signal for rising unemployment, and current levels are only seen before and after recessions. (Source: ChainCatcher)