3 Weekly Charts That Make You Go Hmmm...
Raoul Pal | Mar 14, 2023 18:29
In this piece, we’re going to run through some of this week’s important data releases and give our initial thoughts on the recent collapse of Silicon Valley Bank.
Let’s dive right into the economic data first.
h2 1. Percentage of U.S. Industries Reporting Negative Growth in Job Openings YoY/h2This week, the updated Job Openings data for January showed a big jump in the % of U.S. Industries Reporting Negative Growth in Job Openings, up to 74% from 57% in December – the highest level since November 2020 and in clear recession territory.
The deterioration in Job Openings will also likely continue over the next couple of months.
Nonfarm Payrolls came in stronger than expected at 311k (225k estimate) for the month of February though there remains an ominous gap with Challenger Job Cuts, which came in still extremely elevated at 410% year-on-year.
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