This Week: Job openings, Fed meeting minutes, June nonfarm payrolls report
A look at some of the key business events and economic indicators upcoming this week:
NOW HIRING
The Labor Department releases its latest monthly snapshot of U.S. job openings Tuesday.
Openings fell in April to the lowest level since 2021, with employers posting about 8.06 million vacancies. Economists predict that openings fell again in May. Job openings are down from a peak of 12.2 million in March 2022, but remain at historically strong levels despite high interest rates and signs the economy is slowing.
Job openings, in millions, by month:
Dec. 8.89
Jan. 8.75
Feb. 8.81
March 8.36
April 8.06
May (est.) 7.91
Source: FactSet
EYE ON THE FED
The Federal Reserve delivers the minutes from its most recent interest rate policy meeting Wednesday.
At the meeting, policymakers kept the central bank’s benchmark rate unchanged at roughly 5.3%, a 23-year high. Fed officials said that inflation, which is down from a peak of 9.1% two years ago, has fallen further toward their 2% target level in recent months. Even so, the Fed signaled it expects to cut interest rates just once this year.
EMPLOYMENT TRACKER
The Labor Department issues its June tally of hiring by nonfarm employers Friday.
Economists project that employers added 190,000 jobs in June, down from 272,000 in May. The labor market has proven more resilient in the face of high interest rates and elevated inflation than economists forecast. That’s been good for workers and the economy, but has raised worries about lingering inflation and high interest rates.
Nonfarm payrolls, monthly change, seasonally adjusted:
Jan. 256,000
Feb. 236,000
March 310,000
April 165,000
May 272,000
June (est.) 190,000
Source: FactSet
