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Afternoon Note

Job Openings-Third Highest on Record

By Charles Payne, CEO & Principal Analyst
8/7/2018 1:11 PM
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Job Openings and Labor Turnover Summary (JOLTS) was little changed in June.  Job openings on the last business day of June were 6.662 million, slightly higher than 6.659 million from the prior month, and the third highest reading in the report’s history dating back to 2000.  The jobs opening rate was 4.3%.  For the 12-months ending in June, the number of hires was 66.6 million compared to separations of 64.1 million, yielding a net gain in employment of 2.5 million.

The U.S. stock markets took the lead from strong corporate earnings and overseas markets.  Most overseas stock markets saw strong results.  The Asia Dow Index was higher by 0.61%, led by China (+2.75%), which rallied on hopes of more government spending following a four day sell off.  The Europe Dow Index was higher by 1.03%, led by Italy, which was up 1.27% on results from Italy’s largest bank UniCredit.  

Here in the U.S. energy, financials and industrials are advancing the Dow higher by 153 points, 0.60%, @ 25,655.  A close above 25,528 would be the highest close dating back to February 26, 2018, when the Dow closed at 25,709.  The Nasdaq is lagging, up 0.17%; the S&P 500 is higher by 0.37% and the Russell 2000 is higher by 0.37%. 

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