US: National Security Advisor Waltz To Leave Post - CBS

• As for other details within the JOLTS report, layoffs were higher than expected in Feb at 1790k although consensus of 1714k is only formed of 4 estimates vs 36 estimates for job openings.
• It followed an upward revised 1674k (initial 1635k) in January to leave layoffs at their highest since September – see chart for recent trends.
• The bulk of the increase came from the private sector, from 1569k to 1692k for its highest since Oct.
• There was a sharp relative increase in federal government layoffs but it remains small from a macro perspective, rising to 22k vs 4k in Jan and a monthly 6k averaged in 2024.
• Contrast that with CNN tracking as of Mar 28 that estimates 121k workers have been fired from federal agencies in the second Trump administration.
• Rounding out the release, hire rates were almost unchanged once again: the total hire rate inched to 3.39% (+0.01pp), the private hire rate nudged up to 3.72% (+0.03pp).
• It masks a federal government hiring rate dropping from 1.13 to 0.96. That’s still above the recent low of 0.93 in November but it otherwise its lowest since May 2018. 

The DMO has announced it will be looking forward to sell GBP2.25bln of the 4.375% Jul-54 Gilt (ISIN: GB00BPSNBB36) at its auction next Tuesday, April 8.

• Date $MM Issuer (Priced *, Launch #)
• 04/01 $1B *DBJ 5Y SOFR+59
• 04/01 $850M #Kommunalbanken Norway 4Y SOFR+41 (upsized from $500M)
• 04/01 $500M Nexa WNG 12Y +250
• 04/01 $Benchmark LPL Holdings 3Y +135a, 5Y +150a, 10Y +187a
• 04/01 $Benchmark Realty Income 10Y +145a
• 04/01 $Benchmark NRW Bank 5Y SOFR+49a