JOLT jobs data fell below the 10 million mark in February for the first time in nearly two years, in a sign that the Federal Reserve's efforts to slow the labor market may have had little effect.
Existing positions totaled 9.93 million, down 632,000 from the downwardly revised number in January, based on the Labor Department report.
The Fed has targeted the slackening labor market in its efforts to lower inflation, which was running at a 41-year high in the summer of 2022. The central bank has raised benchmark interest rates nine times since March 2022.
Prior to the February data, job openings had outnumbered available workers by nearly 2 to 1. The latest figures bring that ratio down to less than 1.7 to 1.
Treasury yields fell following this data as the data could help prevent the Fed from further rate hikes. Stocks are moving lower. Although the numbers lag a month behind, the Fed is watching the JOLTS data closely for signs of developments in the labor market.
The price of gold soared high with an increase of 1.78% to the trading level of 2019.20.
