Leading indicators point to further weakness in the US job market: US job postings on Indeed fell another -2% MoM in September, reaching the lowest level since February 2021. Postings have declined -36% since May 2022 and are now just +2.4% above pre-pandemic levels from February 2020. The steepest decline has been in White Collar jobs excluding Health Care, with postings now -8% below pre-pandemic levels. Blue Collar job postings have also fallen, but remain ~12% above February 2020 levels. This all suggests a further deterioration in BLS-reported job openings for September. The labor market continues to weaken.(The Kobeissi Letter)