The May Labor Market Conditions Index followed suit with last week’s disappointing employment report. The index was minus 4.8, marking the fifth straight negative reading and the lowest of the recovery (since May 2009), according to Bloomberg.
According to the April Job Opportunities and Labor Turnover Survey, job openings have increased but hiring hasn’t. Job openings were boosted to 5.788 million from a revised 5.670 million in March. In the mixed report, the hiring rate fell a steep 0.2 percent to 3.5 percent. The quit rate also fell 0.1 percent, which is due to less workers shopping around for other employment opportunities.
Last week in the economy:
- The purchase sector of MBA Mortgage Applications gained momentum in the June 3 week, up 12 percent. The refinancing sector increased by 7 percent.
- Initial Jobless Claims fell 4,000 in the week of June 4 to a low level of 264,000.
- Consumer Credit in April increased by only $1.6 billion following March’s $10 billion plus jump.
- Consumer Comfort remained unchanged in the June 5 week at 43.2, which is the second straight week at this level.
What’s on economic calendar for the week of June 13, 2016:
- Tuesday – FOMC Meeting Begins
- Wednesday – MBA Mortgage Applications and FOMC Meeting Announcement
- Thursday – Jobless Claims, Consumer Price Index, Housing Market Index
- Friday – Housing Starts
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