Upcoming business events and economic indicators for the week are shaping up to be significant.
Job Openings
The Labor Department is set to issue its monthly job openings survey on Tuesday. The Job Openings and Labor Turnover Survey (JOLTS) indicated that there was an increase in job openings in November. While the total job openings have generally decreased since reaching a peak of 12.2 million in March 2022, the numbers still exceed the levels recorded prior to the onset of the COVID-19 pandemic in early 2020. Current job openings as reported in millions for the last few months are as follows:
– June: 7.91
– July: 7.71
– August: 7.86
– September: 7.37
– October: 7.84
– November: 8.10
Service Sector Update
On Wednesday, the Institute for Supply Management will publish its latest report concerning the U.S. service sector. Forecasts from economists suggest that the average monthly index may experience a slight decline in January, following a notable increase in December. Given that the service sector is the largest employer in the U.S., it has thus far shown resilience against inflation and rising interest rates. Analysts are particularly attentive to this sector for any signs that might indicate economic strains. The anticipated seasonally adjusted ISM Services PMI for the past months shows movement as follows:
– August: 51.6
– September: 54.5
– October: 55.8
– November: 52.5
– December: 54.0
– January (forecast): 53.8
Hiring Status
On Friday, the Labor Department will release its monthly employment report, indicating current hiring conditions. Economists are forecasting a slowdown in hiring within the United States for January, following a surge in December. Predictions estimate that nonfarm employers have added around 165,000 jobs in January. While the job market is showing signs of cooling, it remains robust and continues to play a crucial role, along with consumer spending, in bolstering economic growth. The changes in nonfarm payrolls, seasonally adjusted, for recent months are as follows:
– August: 78,000
– September: 255,000
– October: 43,000
– November: 212,000
– December: 256,000
– January (predicted): 165,000
These reports and statistics will provide insights into the labor market and economic trends as they unfold over the week.
