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Published: Dec 5, 2023, 15:19 UTC•1min read
Treasury yields tested new lows after the release of the report as traders bet on a more dovish Fed.
Key Insights
- JOLTs Job Openings decreased from 9.35 million to 8.73 million, missing analyst expectations.
- ISM Services PMI increased from 51.8 in October to 52.7 in November.
- U.S. Dollar Index pulled back from session highs as traders reacted to the report.
On December 5, the US released the JOLTs Job Openings report for October. The report indicated that JOLTs Job Openings declined to 8.73 million, missing analyst expectations. Analysts expected the rate to decrease to 9.3 million, signaling a consensus miss.
The job market data is extremely important for the Fed policy outlook. If the number of job openings continues to decrease, the central bank may cut the federal funds rate earlier than previously expected.
Today, traders also had a chance to take a look at the ISM Services PMI report for November. The report showed that ISM Services PMI improved from 51.8 in October to 52.7 in November, exceeding analyst consensus.
The Institute for Supply Management commented: “The services sector had a slight uptick in growth in November, attributed to the increase in business activity and slight employment growth.”
The US Dollar Index pulled back from session highs after the release of the reports. The weaker-than-expected JOLTs Job Openings report may put material pressure on the American currency.
Gold settled near the $2020 level as the pullback continued. Falling Treasury yields did not provide any support to gold markets today as traders waited for stabilization after yesterday’s wild trading session.
SP500 made an attempt to settle above the 4575 level after the release of the job market data.
For a look at all of today’s economic events, check out our economic calendar.
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