JOLTS Report

The Job Openings and Labor Turnover Survey reflected much of the same. The job market remains resilient despite higher yields, energy costs, and midterm election uncertainty.

Job openings inched downward slightly from 7.34 million to 7.08 million in August. Forecasters expected 7.2 million openings; missing market expectations is worth noting.

Both Layoffs and quits were also down. A decrease in layoffs is a good sign and suggests firms are maintaining their labor force. However, a decrease in quits suggests workers are sticking with their jobs, probably because they don’t like the prospects of job searching.

It is Jobs Week; the jobs report will be released on Friday.