JOLTs Job Openings Declined In March
On May 2, U.S. reported that JOLTs Job Openings declined from 9.97 million in February to 9.59 million in March, compared to analyst consensus of 9.78 million. The report showed that Fed’s rate hikes have already put material pressure on the job market.
The FedWatch Tool indicates that there is a 96.8% probability of a 25 bps rate hike at tomorrow’s meeting. The JOLTs Job Openings report should not have a material impact on the near-term Fed policy outlook as the absolute majority of traders believe that Fed will raise the federal funds rate to 500 – 525 bps.
Today, traders also had a chance to take a look at the Factory Orders report for March. The report showed that Factory Orders increased by 0.9% month-over-month, compared to analyst consensus of 1.1%.