Even with a revision higher in the prior months figure, the JOLT’s job openings survey for the month of May showed a deep slide in the number of jobs available for potential hires, with the figure crashing from 5.845 million openings during April to just 5.500 million, missing estimates of 5.700 million. As one of the most carefully watched indicators by the Federal Reserve, this plunge in labor market fundamentals matched the previous month’s nonfarm payroll print which largely disappointed markets. However, should June experience a rebound in the figure, it could help to point to a more solid foundation for the labor economy. Reflecting this more positive sentiment, the Federal Reserve is appearing more hawkish in its outlook as regional Fed Presidents talk up higher rates. Stocks remain undeterred by talk of normalization, with the Dow Jones Industrial Average reaching a new intraday record before retreating modestly.
Dow Reaches New Record As Job Openings Tumble
Daily Analysis - 13/07/2016