JOLTS job openings for November 7.146M vs 7.600M estimate.

The November JOLTS report shows job openings at 7.146M, significantly below the expected 7.6M, indicating a cooling labor market. This value also reflects a year-over-year decrease of 885K, emphasizing reduced demand for labor. Additionally, the previous month's figure was revised down from 7.670M to 7.449M. While hires remained steady at 5.1M, there were little to no significant hiring shifts across major industries. Layoffs have also remained low, indicating no imminent labor market stress despite the cooling. This JOLTS report reinforces the narrative of a 'soft landing' for the economy, suggesting that aggressive Fed easing may not be needed immediately. However, the upcoming inflation and payroll data will remain crucial for USD and yields, with current bond yields showing slight declines post-report. Stocks reflected mixed reactions with the Dow down by 0.42% and NASDAQ up by 0.20%. Overall, traders should focus on inflation data for future guidance.