JOLTS for February: 6.882M (lower than the forecast of 6.890M), but January's revised data increased sharply to 7.240M (+300K) 📍The notable point lies in the structure:


📌 Specifically, in February, there were 689K unemployed people—more than the number of open jobs. The openings/unemployed ratio: 1.0x → 0.9x
-> The market has returned to a slight oversupply of labor, ending the post-COVID shortage phase, and wage pressure is beginning to ease.
📍Recruitment - layoffs data:
- Hires: 4.8M (-498K MoM)
- Quits: 2.97M (-157K MoM)
-> Public sector job openings continue to decline. Both hiring and quitting have hit a 6-year low, companies are not hiring more, and workers are hesitant to switch jobs. It's no surprise that the cyclical-sensitive job groups are beginning to weaken.
📍The market hardly reacted because the data was delayed and not too surprising. The market is focused on Hormuz and oil prices; dull economic data no longer stands out.
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