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%.