Alternative data points to further weakness in the job market: US weekly job listings fell -11.1% YoY in 2025 to ~2.7 million, the lowest since December 2020, according to LinkUp. LinkUp collects job listings directly from company career websites worldwide, excluding job boards, duplicates, expired postings, and sponsored listings, providing a cleaner view of actual hiring demand. This comes as total and new job openings declined in most states. The weakness was observed across both the manufacturing and services sectors, as well as across blue- and white-collar jobs in most industries and occupations. As a result, total job listings ended the year below 2019 pre-pandemic levels. Overall, this signals further deterioration ahead in the BLS job openings data scheduled for Wednesday next week. The labor market continues to lose momentum.(The Kobeissi Letter)