US hiring is showing no signs of a recovery. New job postings on Indeed fell -4.8% YoY in the week ending October 16th. Since April 2022, new job postings have now declined -46.7%. As a result, the number of new available vacancies in the US is -0.8% below pre-pandemic levels recorded in February 2020. Over the last several months, the pace of decline has slowed, but there have been no signs of a rebound in hiring either. This suggests a lack of a significant recovery in official BLS job openings data, which lags job postings data by a few weeks. The US labor market remains weak beneath the surface.