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US JOLTS Openings Rebound to Highest in 3 Months

U.S. job openings experienced an unexpected surge in December, reaching their highest level in three months and demonstrating a dynamic labor market that significantly bolsters economic growth.

The tally of job vacancies rose to 9 million, an increase from the previously revised figure of 8.9 million, according to the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS). This uptick exceeded analysts' expectations. The jump was primarily driven by a marked increase in openings in the professional and business services sector, the most significant in four months. The education and health services sectors, along with manufacturing, also saw a rise in job postings.

Our Take: The labor market continues to be exceptionally strong, and even the notable rise in yields over the past two years has not substantially weakened labor demand. Current labor market data suggest a scenario closer to a 'no landing' than a 'soft landing' in the lead-up to this week's Federal Open Market Committee (FOMC) meeting. If this trend is echoed in Friday's Nonfarm Payrolls (NFP) report, the present data supports a steeper U.S. yield curve and a strengthening of the USD.


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