LIVE MARKETS-Two-fer Tuesday: JOLTS, factory orders

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TWO-FER TUESDAY: JOLTS, FACTORY ORDERS

Data released on Tuesday showed tumbling job openings and a bigger-than-expected decline in new orders for U.S. factory-made merchandise.

Job openings plunged by 6.8% in December to 7.6 million, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) USJOLT=ECI.

That's 400,000 fewer than analysts expected and goes hand-in-hand with recent survey data on dampening job sentiment.

But Carl Weinberg, chief economist at High Frequency Economics, sees no reason to panic.

Noting that job openings were last this low in September, Weinberg adds "there is nothing wrong here. No sign of recession can be found."

The JOLTS report, which monitors labor market churn, also showed hires, fires and quits, as percentages of the workforce, held steady.

"The FOMC will find no cause to rush to cut rates in today’s data," Weinberg says. "The labor market does not need it!"

Separately, new orders for goods made by U.S. factories USFORD=ECI fell by 0.9% in the last weeks of 2024, worse than the -0.7% consensus.

Adding insult to injury, the disappointing number extends November's downwardly revised 0.8% drop.

The downside surprise seems to contradict Monday's PMI data from the Institute for Supply Management, wich showed the manufacturing sector returning to expansion territory after a two-year plus absence.

The Commerce Department's report also revised its crucial core capital goods data, showing an increase of 0.4%, down from the 0.5% gain previously stated.

The metric, which excludes defense and aircraft, is considered indicative of U.S. corporate spending intentions.

(Stephen Culp)

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