The biggest data release of the day is JOLTS, showing how many open jobs America had in May. And it looks like we’re ripe for another record as the worker shortage continues to weigh on US employers.
Economists polled by Refinitiv predict 9.4 million positions were waiting to be filled in May, more than the whopping 9.3 million from April, which marked a record high in the data series that started in 2000.
While the job openings data lags a lot of other measures of the labor market, such as the monthly jobs report, economists have been paying close attention to it because it’s telling us how the jobs recovery is going. Businesses are keen to reopen to pre-pandemic capacities but various factors, including child care, are keeping workers at home, leading to a mismatch of labor supply and demand.
The May JOTLS data is released at 10 am ET.