Hires down 50%!
RIP Housing: construction job openings implode from 456K to 274K – 182K monthly drop is biggest on record pic.twitter.com/Ox3HbKRPz5
— zerohedge (@zerohedge) May 1, 2024
JOLTs job openings for construction
The JOLTs job openings declined by -325K in the month of March. Within that report, there was an oversized decline in the Construction sector.
More specifically, the construction sector showed a decline of -182K job openings for March. That took the job openings from 456K in February to 274K in March. That is quite a sharp move to the downside (see chart above) from an absolute level and also on a % basis (the decline was -40%).
We know rates have moved higher in 2024, but at the end of March (the JOLTS report was for March), the 10-year yield was at 4.21%. Rates in the 10-year sector (and across the curve) have since moved to a high last week of 4.739%, up about 53 basis points (10 year yield is now at 4.68%) . That’s a 12.5% increase.
www.forexlive.com/news/surge-in-construction-job-openings-comes-to-an-end-with-a-sharp-tuble-lower-in-march-20240501/