2018 Economic Calendar
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Released On 10/16/2018 10:00:00 AM For Aug, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Job Openings6.939 M7.077 M6.905 M6.800 M to 7.000 M7.136 M

Job openings keep swelling, to a record 7.136 million in August which easily exceeds Econoday's consensus range. The rise underway is underscored by an upward revision to July which is now well up at 7.077 million vs an initial 6.939. Also underscoring the surge is the comparison with last August which was at 6.044 million for an 18.1 percent gain.

The comparison that's most critical here is the number of unemployed actively looking for work, a number that is also compiled by the Labor Department and which stood at 6.234 million in August before moving sharply lower in the September employment report to 5.964 million. This gap between job openings and job seekers, which first opened up earlier this year, is hard evidence that labor is scarce.

Other readings in today's JOLTS report for August include a modest gain in the number of hires, to 5.784 million vs July's 5.713 which also is far below the number of openings. The number of quits are closely tracked in this report as an early indication of wage inflation. But there's no indication that workers are being pulled to higher paying jobs as quits slipped in the month to 3.577 million from July's 3.608 million.

Jerome Powell concedes that it's a mystery why wages haven't been going up very much as demand for labor grows and the supply of labor declines. Yet sooner or later, the law of supply and demand is bound to assert itself, at least this is the risk that the Fed is guarding against in its rate-hike regime.

Consensus Outlook
Forecasters see job openings in August, at 6.905 million, holding steady near July's record 6.939 million which easily topped Econoday's consensus range. This report has been signaling very strong demand for labor.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.  Why Investors Care
Job openings represent labor demand and are a complementary statistic to unemployment which represents labor supply. Other readings in the JOLTS report include hires and also quits, the latter closely watched as an indication of worker confidence.
Data Source: Haver Analytics

2018 Release Schedule
Released On: 1/92/63/164/135/86/57/108/79/1110/1611/612/10
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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