The jump in openings may put pressure on the Federal Reserve to take interest rates even higher.
“JOLTS data should not drastically color this broader assessment of labor market tightness but will matter at the margins for the Fed’s own perception of labor market heat.”Some question how much weight to give the report.
After peaking at a record of around 12 million in March 2022, job openings as measured by the government have fallen overall.
Some economists think the JOLTS report should be taken with a grain of salt.
The May employment report, to be released by the Labor Department on Friday, will fill out the labor market picture before Fed policymakers meet on June 13 and 14.
Persons:
Jerome H, Powell, Skanda Amarnath, Gregory Daco, ”, Goldman Sachs, —
Organizations:
Federal Reserve, Labor Department, Bloomberg
Locations:
America, EY