The United States has released crucial data again, with the JOLTS report published at 10:00 PM WIB. This information provides a detailed insight into the labor market dynamics, including the number of job openings, hiring rates, layoffs, and resignations.
The JOLTS report showed a figure of 8.098 million, surpassing the forecast from trading central which was set at 7.69 million and also reflecting an increase from the previous period’s 7.839 million.
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The rise in job openings illustrates a robust demand for labor, which strengthens confidence in economic growth.
The Federal Reserve uses JOLTS data to gauge the labor market landscape and steer its monetary policy. The increase in job openings tonight may instigate wage inflation expectations; consequently, the market might predict that the Fed will be slower to lower interest rates.
Following the release of the data, gold prices weakened, dropping to a low of $2,642. In parallel with gold’s decline, the currency pairs EURUSD and GBPUSD also experienced a downturn due to the rise in job openings in the U.S.
