JOLTs Job Openings Drop To 7.67 Million, Missing Analyst Expectations

On September 4, 2024, U.S. released JOLTs Job Openings report for July. The report indicated that JOLTs Job Openings declined from 7.91 million in June to 7.67 million in July.

Analysts expected that JOLTs Job Openings will increase to 8.1 million, so the report missed analyst expectations.

Today, traders also had a chance to take a look at the Factory Orders report for July. The report showed that Factory Orders increased by 5.0% on a month-over-month basis, compared to analyst consensus of 4.7%.

Factory Orders ex Transporation increased by 0.4% in July, compared to analyst consensus of -0.2%.

U.S. Dollar Index pulled back towards the 101.40 level as traders reacted to the weaker-than-expected JOLTs Job Openings report. The report showed that the labor market was under pressure. Thus, Fed may start cutting rates aggressively to provide support to the economy, which will be bearish for the American currency.

Gold made an attempt to settle back above the $2500 level as traders focused on U.S. dollar’s pullback. Falling Treasury yields provided additional support to gold markets.

SP500  settled near the 5535 level as traders focused on the job market data. Dovish Fed is bullish for stocks. At the same time, traders may also focus on the potential slowdown of the economy, which is bearish for major indices.

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