The labor market continues to weaken: Job postings on Indeed fell -8% YoY in the week ending July 11th, reaching the lowest level since February 2021. Postings are now down -65% from their March 2022 peak. As a result, available vacancies in the US are just 4% above pre-pandemic levels. This data does not exclude “ghost postings” for positions that may not exist or are not actively being filled. This also suggests that official BLS job openings data will likely continue to trend lower. Labor market demand softening cannot be ignored.(The Kobeissi Letter)