JOLTs Job Opening Rise Above 9 Million, Exceeding Expectations

Key Insights

• JOLTs Job Openings increased from 8.925 million in November to 9.026 million in December. 
• CB Consumer Confidence improved from 108 in December to 114.8 in January. 
• U.S. dollar gained ground as traders bet on a more hawkish Fed. 

On January 30, 2024, traders had a chance to take a look at JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 8.925 million (revised from 8.79 million) to 9.026 million, compared to analyst consensus of 8.75 million. The report exceeded expectations and highlighted the strength of the U.S. jobs market.

Today, traders will also focus on CB Consumer Confidence report. The report showed that CB Consumer Confidence increased from 108 in December to 114.8 in January, compared to analyst consensus of 115.

Present Situation Index improved from 147.2 in December to 161.3 in January, while Expectations Index incrased from 81.9 to 83.8.

The Conference Board commented: “January’s increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor.”

U.S. Dollar Index gained ground after the release of the reports. Currently, U.S. Dollar Index is trying to settle above the 103.60 level. Treasury yields are rising, providing additional support to the American currency.

Gold pulled back below the $2035 level as traders focused on rising Treasury yields and stronger dollar.

SP500 settled near the 4925 level after the release of the better-than-expected JOLTs Job Openings report. Fed policy outlook remains an important catalyst for stock traders ahead of the Fed Interest Rate Decision, which will be released tomorrow.

For a look at all of today’s economic events, check out our economic calendar.