JOLTs Job Openings Slide Below 9 Million

Key Insights

• JOLTs Job Openings decreased from 9.582 million in June to 8.827 million in July. 
• CB Consumer Confidence declined from 117 in July to 106.1 in August. 
• U.S. Dollar Index tested session lows as traders bet on a less hawkish Fed. 

On August 29, U.S. reported that JOLTs Job Openings declined from 9.582 million in June to 8.827 million in July, compared to analyst consensus of 9.465 million. The report missed analyst estimates by a wide margin, highlighting the negative impact of rising interest rates.

The situation in the labor market is one of the key catalysts for the Fed. The material decline in JOLTs Job Openings shows that the labor market has started to cool down.

Today, traders also had a chance to take a look at the CB Consumer Confidence report for August. The report showed that CB Consumer Confidence declined from 117 in July to 106.1 in August, compared to analyst consensus of 116.

Both reports showed that the economy was slowing down. Not surprisingly, Treasury yields moved lower after the release of the reports as bond traders bet on a less hawkish Fed.

U.S. Dollar Index has quickly moved from 104.20 to 103.80 as traders reacted to the strong pullback in Treasury yields. Traders bet that Fed may leave the federal funds rate unchanged if the labor market remains under pressure in the upcoming months.

Gold rallied towards the $1930 level, boosted by weaker dollar and falling Treasury yields. The reports provided material support to gold markets.

SP500 tested session highs above the 4450 level. The Fed policy outlook remains the key catalyst for stocks. Traders are not worried about the slowdown of the economy if it means that Fed will leave interest rates unchanged.

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