US JOLTS PREVIEW: JOB OPENINGS EXPECTED TO INCH LOWER IN JUNE

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  • The US JOLTS data will be watched closely by investors ahead of the July jobs report.
  • Job openings are forecast to edge lower to 8.03 million on the last business day of June.
  • Markets fully price in a 25 basis points Fed rate cut in September.

The Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday by the US Bureau of Labor Statistics (BLS). The publication will provide data about the change in the number of job openings in June, alongside the number of layoffs and quits.

JOLTS data is scrutinized by market participants and Federal Reserve (Fed) policymakers because it can provide valuable insights regarding the supply-demand dynamics in the labor market, a key factor impacting salaries and inflation. Job openings have been declining steadily since coming in above 12 million in March 2022, pointing to cooling conditions in the labor market. In May, the number of job openings rose to 8.14 million from the multi-year low set at 7.92 million in April.


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