BREAKING: Job postings on Indeed fell -6.4% YoY in the week ending October 31st, now at the lowest level since February 2021. Postings have now declined -36.9% since the April 2022 peak. The number of available vacancies is now only +1.7% above pre-pandemic levels seen in February 2020. Furthermore, new job postings are just +4.1% above those levels. This signals further deterioration ahead in BLS job openings data, which has been delayed due to the government shutdown. Labor market weakness is spreading.(The Kobeissi Letter)