U.S. May JOLTS report shows job openings trending higher but June Consumer Confidence shows pessimism on jobs
May’s JOLTS report shows a marginal 9k increase in job openings, but after a strong 698k increase in April this is stronger than expected and there has been a clear pick up in trend in recent months. The 3-month average of 224k is the highest since March 2022 as is the 6-month average of 125k.
Elsewhere the JOLTS report is not so impressive with hirings down by 45k in a second straight decline and separations up by 63k leaving the implied rise in employment of 89k less strong than May’s non-farm payroll. Quits rose by 22k, making up a modest proportion of the rise in separations.
June consumer confidence increased to 91.2 from 90.6 only because May was revised significantly lower from 93.1. The index is subdued with little recent direction.
The detail shows a 3-point rise in expectations, probably related to easing fears on the Middle East, but a 3-point fall in the present situation.
The latter appears to be related to worries on jobs. The gap between those seeing jobs as plentiful and those seeing them as hard to get fell to 2.4% from 5.0%, the lowest since February 2021.
