Tonight at 10 PM, the U.S. August JOLTS job openings—this is the first data release of this week.
First, let’s look at last month’s baseline: job openings were 7.27 million, hires were 5.1 million, the quit rate was 1.9%, layoffs were 1.7 million—this is the lowest in half a year.
About 1.1 job openings correspond to each unemployed person, and the labor market is in a state of “not really hiring, and not really firing.”
If tonight’s job openings are clearly higher than 7.5 million, the market will think employment is still hot, and expectations for another rate hike in October will be more stable.
If it falls below 7 million, it’s a signal that hiring is cooling; $BTC may actually be able to breathe easier.
Any guesses what it will be tonight?
First, let’s look at last month’s baseline: job openings were 7.27 million, hires were 5.1 million, the quit rate was 1.9%, layoffs were 1.7 million—this is the lowest in half a year.
About 1.1 job openings correspond to each unemployed person, and the labor market is in a state of “not really hiring, and not really firing.”
If tonight’s job openings are clearly higher than 7.5 million, the market will think employment is still hot, and expectations for another rate hike in October will be more stable.
If it falls below 7 million, it’s a signal that hiring is cooling; $BTC may actually be able to breathe easier.
Any guesses what it will be tonight?