it's day one of new labor market data so let's get into it in today's one minute macro update for Wednesday September 4th the number of job openings in the United States missed its Mark for July by about 400,000 jobs to its lowest level since January of 2021 after a downwardly revised number last month looking at job openings on a year-over-year rate of change basis you can see that we've been negative pretty much since 2022 now the biggest leading indicator for the jobs Market as well as the economy is construction jobs so with this job openings report you can see that constru uction job openings have been declining like crazy and on a year-over-year rate of change basis you can see that it's deeply negative similar to recessions you don't just pay attention to the labor market because it's the most lagging indicator and the last thing to soften before a recession but both the government and the central banks have told us over the past couple years that because of the labor market strength it can keep interest rates High the economy is good and Wall Street can keep pumping stocks moving on the US trade bals continues to get more negative Bank of Canada cut interest rates again Germany keeps on getting bad data the UK keeps on having a rebound