While tech layoffs seem to get all the ‘press’ and headlines and make it appear that the job market is worsening, you wouldn’t know it from the JOLTS (job openings) report today.
The report came in at 10.5 million jobs being open versus expectation for 10.1 million and versus 10.5 million jobs last month.
While we may be exchanging tech jobs for burger flipping jobs the report would seem to indicate there are plenty of jobs out there. I looked at some of the breakdowns in category’s and didn’t see anything way out of line.
The S&P500 dropped almost a percent on the hot jobs news, but has climbed back to near the high of the day. The 10 year treasury yield didn’t initially react, but now is at 3.71% which is 5 basis points or so above the low yield for the day.
It is 12:45 pm central time and we will have the FOMC minutes released in 15 minutes and I would expect market movements (for no real reason except games being played).