February JOLTS: Uncertainty can be paralyzing
|Summary
After a solid fourth quarter, labor demand is showing additional signs of moderating in the early innings of 2025. Job openings slipped to 7.57 million in February and the ratio of job openings to unemployed workers fell back to 1.07—its lowest since September 2024. With renewed headwinds to growth, further declines in vacancies risk signaling outright weakness rather than a return to a balanced labor market.
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