The global market eagerly awaits the Job Openings and Labor Turnover Survey (JOLTS) data for insights on the US labor market condition. According to recent data, job openings for July came in at 7.7 million, down from the market expectations of 8.1 million. Meanwhile, this is a crucial metric considered by the US Federal Reserve to understand the health of the labor market, which in turn aids them in deciding their policy rates.
US JOLTS Comes In At 7.7 Million
According to the recent JOLTS data by the US Labor Department, the job openings came in at 7.7 million or 4.6%, down from the market forecast of 8.1 million. The figure was also down from 8.18 million in the prior month. Notably, the market was also expecting stable data, which might pave the way for a dovish stance by the US Federal Reserve.
In addition, the data showed that the Quits came in at 3.3 million and layoffs and discharges were at 1.88 million. This data shows how workers are leaving jobs for better pay. On the other hand, the hiring came in at 5.5 million or 3.5% in July. All these metrics are go-to figures for the US central bank to decide their policy rate plans.
Meanwhile, this data was also crucial as the market is eagerly waiting for the US non-farm payroll data, which is expected to be released on Friday, September. This marks one of the crucial data before the central bank officials’ gathering later this month, where the US Fed is expected to announce a potential interest rate cut.
The post US JOLTS Shows Job Openings At 7.7 Mln, Will It Impact Fed’s Rate Cut Decision? appeared first on CoinGape.
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