JOLTs Job Openings Declined To 8.73 Million In October

Vladimir Zernov
Published: Dec 5, 2023, 15:19 GMT+00:00

Treasury yields tested new lows after the release of the report as traders bet on a more dovish Fed.

JOLTs Job Openings

In this article:

Key Insights

  • JOLTs Job Openings decreased from 9.35 million to 8.73 million, missing analyst expectations. 
  • ISM Services PMI increased from 51.8 in October to 52.7 in November. 
  • U.S. Dollar Index pulled back from session highs as traders reacted to the report.

On December 5, U.S. released JOLTs Job Openings report for October. The report indicated that JOLTs Job Openings declined from 9.35 million (revised from 9.55 million) to 8.73 million. Analysts expected that JOLTs Job Openings would decrease to 9.3 million, so the report missed analyst consensus.

The job market data is extremely important for the Fed policy outlook. In case the number of job openings continues to move lower, the central bank may cut the federal funds rate earlier than previously expected.

Today, traders also had a chance to take a look at ISM Services PMI report for November. The report showed that ISM Services PMI improved from 51.8 in October to 52.7 in November, compared to analyst consensus of 52.

The Institute for Supply Management commented: “The services sector had a slight uptick in growth in November, attributed to the increase in business activity and slight employment growth.”

U.S. Dollar Index pulled back from session highs after the release of the reports. The weaker-than-expected JOLTs Job Openings report may put material pressure on the American currency.

Gold settled near the $2020 level as the pullback continued. Falling Treasury yields did not provide any support to gold markets today as traders waited for stabilization after yesterday’s wild trading session.

SP500 made an attempt to settle above the 4575 level after the release of the job market data.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.