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The US JOLTS data will be watched closely ahead of the release of the November employment report on Friday. Job openings are forecast to remain below 8 million in October. The state of the labor market is a key factor for Fed officials when setting policy. The Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday by the US Bureau of Labor Statistics (BLS). The publication will provide data about the change in the number of job openings in October, alongside the number of layoffs and quits. JOLTS data is scrutinized by market participants and Federal Reserve (Fed) policymakers because it can provide valuable insights regarding the supply-demand dynamics in the labor market, a key factor impacting salaries and inflation. Job openings have been declining steadily since coming in above 12 million in March 2022, indicating a steady cooldown in labor market conditions. In September, the number of jobs declined to 7.44 million, marking the lowest reading since January 2021. What to expect in the next JOLTS report? Markets expect job openings to stand at around 7.5 million on the last business day of October. Federal Reserve (Fed) policymakers have made it clear after the July policy meeting that they are shifting their focus to the labor market, given the encouraging signs of inflation retreating toward the central bank’s target. It is important to note that while the JOLTS data refers to the end of October, the official Employment report, which will be released on Friday, measures data for November.  In October, Nonfarm Payrolls (NFP) rose by only 12,000, as hurricanes and labor strikes impacted hiring in a significantly negative way. Commenting on the employment situation in the US, “the labor market is close to stable, full employment,” said Federal Reserve (Fed) Bank of Chicago President Austan…

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Filed under: News - @ December 3, 2024 9:21 am