BREAKING: Job postings on Indeed fell -8% YoY in the week ending September 12th, marking the second-lowest level since February 2021. Postings have now declined for 3-straight years. The current number of available vacancies is only 4.3% above the pre-pandemic levels seen in February 2020. This suggests that official BLS job openings data will likely continue to trend lower. All as the number of unemployed Americans now exceeds available jobs for the first time since April 2021. Job weakness is spreading.(The Kobeissi Letter)