All articles tagged with #jolts data
The Dow Jones Industrial Average dropped over 300 points after the early release of August JOLTS data, which showed an increase to 9.61 million job openings. Cathie Wood's Ark Invest ETFs sold nearly $4 million worth of Nvidia stock. In other news, Tesla stock rebounded despite weak third-quarter deliveries, while Apple and Microsoft stocks showed signs of recovery.
U.S. stock futures paused ahead of the release of JOLTs labor market data, with the upcoming jobs report on Friday being closely watched by investors. The Federal Reserve's stance on interest rates remains in focus, with indications that further tightening of monetary policy may be necessary due to high inflation. The health of the U.S. economy will play a crucial role in the Fed's decision-making process. Other economic data, including the S&P Case-Shiller home price index and the consumer confidence index, are also expected this week.
The unreliability of JOLTS data is gaining attention as companies are leaving up job postings when they're not hiring, leading to the creation of "ghost jobs." More than half of companies who post job advertisements they weren't actively trying to fill did so "to give the impression the company was growing." This may have contributed to the Fed's belief that the economy was overly strong. However, the US job market remains strong with record low unemployment and weakening jobless claims.