Are We Past “Strong” Jobs Data Now? | S3 E119 | 02-05-26
Markets reacted negatively to today’s economic data — and the labor market was at the center of the concern.
In this episode of Markets with Megan, Megan Horneman breaks down the latest U.S. labor market data, including the JOLTS report, Challenger job cuts, and weekly jobless claims, and explains why markets didn’t like what they saw.
Job openings fell to 6.5 million, the lowest level since September 2020, while the number of unemployed Americans climbed to 7.5 million. For the first time since the post-pandemic recovery began, there are now more unemployed workers than available job openings — a key signal that labor market tightness has fully reversed.
Megan also discusses why the quits rate holding at 2% may help ease wage pressures, even as broader labor conditions soften. Meanwhile, the Challenger Gray & Christmas report showed January layoffs surged 118% year-over-year, marking the worst January for job cuts since 2009. Although a large portion of layoffs came from a handful of major companies, hiring intentions fell to their lowest level on record.
Weekly jobless claims also jumped to an eight-week high, adding to investor unease — though severe weather disruptions may have played a role.
📉 With weakening labor data, rising layoffs, and declining risk assets like Bitcoin and precious metals, Megan explains what this shift in employment trends could mean for markets, wages, inflation, and the upcoming jobs report.
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