After several months of decline, demand pressure in the US labor market starts to rise again. The previous reading has also been revised upward. Since Federal Reserve Chair Powell started focusing market attention on labor market imbalances as the primary source of inflation, the importance of JOLTS data has significantly increased. That's why lower-than-forecasted readings in January and February induced a stock market rally and a decline in the dollar, while yesterday's hawkish surprise led to a pullback in risk assets and some strengthening of the American currency. However, despite the initial boost after the ... (full story)