The US Bureau of Labor Statistics (BLS) will release the Job Openings and Labor Turnover Survey (JOLTS) on Wednesday. This publication will provide data on changes in the number of job openings in July, along with the number of layoffs and resignations.
Markets expect the number of job openings to decline slightly to 7.4 million in July, compared to 7.437 million in June. The JOLTS will be released a few days before another important employment report, the August Nonfarm Payrolls data, which will be released on Friday.
The latest BLS US employment report showed that nonfarm payrolls rose by 73,000 in July, missing market expectations of 110,000. Additionally, the BLS announced that the total change in Nonfarm Payrolls for May and June was revised downward by 125,000 and 133,000, respectively.
JOLTS data is closely scrutinized by market participants and Federal Reserve (Fed) policymakers because it can provide valuable insights into supply-demand dynamics in the labor market, a key factor influencing wages and inflation. Job Openings have been steadily declining since reaching 12 million in March 2022, indicating a steady deterioration in labor market conditions.
In January of this year, Job Openings reached above 7.7 million before declining to 7.2 million in March. Since then, JOLTS Job Openings have increased for two consecutive months, reaching 7.77 million in May, followed by a decline below 7.5 million in June. (alg)
Source: FXstreet
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