BREAKING: US job postings on Indeed fell -3.5% YoY in the week ending July 10th, to near the lowest this year. Postings have declined -37.2% since April 2022 and are now down to February 2021 levels. The number of available vacancies in the US is now only +1.0% above pre-pandemic levels recorded in February 2020. Furthermore, new job postings on Indeed dropped -10.9% YoY, to the lowest since early January, continuing their over 4-year decline. As a result, new job postings are now -3.5% below February 2020 levels. This all suggests a further deterioration in official BLS job openings data for June and July. The US labor market is losing momentum.(The Kobeissi Letter)