Lower Job Openings in January for the US

According to the US Labor Department, employers posted 3.974 million job openings in January, lower than the market estimate of 4.015 million. However, January’s figure was 1.5% higher than December’s numbers.

On average, there were about 2.6 unemployed citizens per job opening, somewhat close to the 2:1 ratio typical of healthier economies. The Job Openings and Labor Turnover survey showed that overall hiring slid by 0.9% to 4.5 million in January.

US Treasury prices managed to gain from the over-all risk-off sentiment, despite a note auction which met lackluster demand. On Tuesday, the US Treasury Department sold US$30 billion worth of 3-year notes for a yield of 0.802%, the highest offered for notes of a similar tenor in six months, according to a newsletter by www.printingamerica.com.

Bid-to-cover ratio was at 3.25x, compared to the 3.42x average over the past four similarly-dated auctions. The 10-year benchmark yield slid 1 basis point to 2.768%.

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