February Labor Market Report - Frosty Labor Market Data Rolls In - 3/9 Release
This is the first edition of the Ozone Labor Market Report covering everything from the latest labor market data release - including MacroEdge data, our indices, and more. #DataThatMatters
3/8 brought about the release of the latest labor market data across the nation, cities, and states. In this first Ozone labor market report - we’ll dive into concerning trends, what is resilient, what’s ahead, and more. The national unemployment rate rose to 3.9%, which is an increase of 50 basis points from the cycle low, states like California, New York, and Montana continue to see their unemployment rates increasing sharply. There’s a lot to cover and a lot that matters, let’s dive right in.
On the aggregate - the labor market continues to weaken - job openings are down (as measured by JOLTS and Indeed), job growth has slowed, revisions are rampant, and unemployment is rising in 60% of the largest 400 metro areas in the United States. The largest labor impact on the weakening front has been seen in California, New York, Arizona, Montana, Washington, and elsewhere.
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