June JOLTS report likely to boost Fed confidence to deliver September cut
Investing.com -- The June job openings report released Tuesday was better-than-expected, but a deeper dive into the details showed the tightness in the labor market continued to ease toward pre-pandemic levels, likely giving the Fed's confidence a boost to begin cutting rates in September.
The quits rate, a gauge of labor market tightness, fell to 2.1% on a 3-month moving average, below the 2.3% recorded in February 2020. While the vacancies-to-unemployed ratio"displayed similar dynamics, declining at the margin and remaining close to the pre-pandemic levels," Evercore ISI said. Further insight into the labor market will come later this week on Friday, when the Labor Department releases the nonfarm payrolls data for July.
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