🚀 US Job Openings Lowest in 3.5 years

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Job openings fell to 7.67 million in July, marking the lowest level in 3½ years and indicating further slack in the labor market, according to the Labor Department's latest Job Openings and Labor Turnover Survey (JOLTS). This drop, down 237,000 from June, brings the ratio of job openings to available workers to just under 1.1, a significant decrease from its peak of over 2 to 1 in early 2022. The decline in job openings, coupled with an increase in layoffs to 1.76 million, suggests a cooling labor market that could prompt the Federal Reserve to consider lowering interest rates in its upcoming September meeting. Despite the slowdown, hiring increased by 273,000, indicating that while demand for workers is softening, the labor market isn't facing a rapid deterioration. Friday's upcoming nonfarm payrolls report, expected to show a 161,000 job increase and a slight decrease in the unemployment rate, will be closely watched for further signs of economic trends.

2. Wall Street remained unsettled Wednesday as major indexes wavered amid investor caution ahead of Friday's employment report. The S&P 500 and Nasdaq both slipped around 0.4%, while the Dow lost 80 points. Nvidia continued to decline, falling 3% following reports of U.S. Justice Department subpoenas, compounding its 9% drop from Tuesday. However, some tech and chip stocks, like AMD and Tesla, saw gains. The market found slight relief as the Treasury yield curve normalized, alleviating some recession fears. Despite recent volatility, experts like TD Wealth's Sid Vaidya view these fluctuations as typical short-term movements, advising against major portfolio changes.

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4. Headlines

   1. The US summer box office generated $3.6B in revenues a 10% decline from last summer.

   2. Ilya Sutskever (an Open AI founder) has raised $1B for a new AI startup.

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