Payroll employment rose 0.2% in January, with broad-based gains led by educational services, construction, and finance. Retail trade was the only sector down meaningfully in the month…

… which could be short-lived, given it was the only category to report higher vacancies (up ~10%) - with most others relatively flat M/M.

While the number of job seekers per available seat has moderated in recent months…

… February’s ugly jobs print should reverse some of that progress if vacancies don’t meaningfully improve.

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