US stocks dipped ahead of fresh jobs data, with investors looking to labor market readings as they decide whether to put hopes for an interest-rate cut on ice.
Economists predict that the so-called JOLTS report, which is due out later today, will show that job openings in the world’s largest economy slipped to 9.3 million on the final day of October, down from 9.553 million on the last day of the prior month.
The Job Openings and Labor Turnover Survey (JOLTS) is a monthly report by the US Bureau of Labor Statistics that collects data from employers in order to measure job openings, new hires, the number of employees who quit or were laid off, and other forms of labor turnover . The JOLTS report is released monthly and usually a month after the jobs report for the same reference period.
Wall Street kicked off December on an upbeat note, extending gains from the previous month that were driven by robust earnings and expectations that the Fed was done with its rate hiking campaign. The benchmark S&P 500 registered its highest close of the year on Friday as remarks from Fed Chair Jerome Powell bolstered the peak rates view.
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