The JOLTS survey (Job Openings and Labor Turnover) showed that the total amount of job openings dropped by 400,000, but from very high levels from 11.7M to 11.3M. This is an early sign that the economy is slowing and companies are pausing on their hiring.
Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, increased by 4,000 to 235,000. While this is still a very low level of initial claims, the four-week moving average is at its highest since December and has been consistently moving higher. Continuing claims, which are those that continue to receive benefits after their initial claim, increased by 51,000 to 1.375M, which is quietly the highest reading since late April.
Upcoming Events
Tomorrow is the BLS Jobs Report. The market is anticipating between 200,000 and 300,000 job creations for the month of June, while the unemployment rate is expected to remain at 3.6% for the fourth straight month.
