, providing comfort to those inclined to see a softening labor market setting the stage for rate cuts from the Federal Reserve this year. A deeper dive into the report, however, suggests that the labor market may still be too strong to warrant a rate cut.
Leisure and hospitality tell a similar story. Openings declined by 109,000 to 1.084 million. While that’s a steep drop,. The all-time pre-pandemic peak was 1.121 million in January of 2019; and in pre-pandemic February of 2020, there were under one million openings.
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