For the first time since April 2021, the number of unemployed people in the U.S. (7.24M) has surpassed job openings (7.18M). Over the past few years, especially during the COVID-19 pandemic, job openings consistently outnumbered unemployed individuals, indicating a labor shortage and giving workers more bargaining power. Now, the tables have turned, signaling that the job market is starting to loosen up, with fewer job openings and more people looking for work. This suggests that economic growth is slowing down and the labor market is entering a cooling phase. The U.S. labor market has shifted from 'undersupply' to 'oversupply.' While this data could bolster expectations for a Fed rate cut, and indeed, after today’s job openings report, the CME’s forecast for a September Fed rate cut has risen to 95.4% (peaking at 97%), this isn’t necessarily good news. It indicates that the U.S. economy might indeed be entering a downturn. The current market rally could very well be similar to what happened during the last Jackson Hole Symposium—markets celebrating bad news. Sponsored by Bitget ｜ @Bitget_zh