There were 11.549 million job vacancies in the US as of late March, revealed the latest vacancy data release from Tuesday’s employment JOLTs from the US Department of Labor., a new record. This figure was higher than the 11.344 million job openings at the end of February (an estimate that had been revised upwards from the previous 11.266 million) and well above the expected drop to 11 million.
market reaction
The currency markets do not seem to have reacted to the latest JOLTs report, although it does reaffirm the idea that the demand for labor in the US economy is currently very high, with the number of vacancies far exceeding the total number. of unemployed. Indeed, this tightness in the labor market is a key reason, along with sky-high inflation, why the Fed is expected to continue aggressive monetary policy tightening in 2022, with a 50bp rate hike and a announcement of quantitative adjustment pending on Wednesday.
Source: Fx Street
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