JOLTS Report Strong Across the Board
Job openings rose while quits jumped to the most since May 2023.
IBD Says Go to Cash. I’m Looking for Rotation.
Investor’s Business Daily cut its suggested exposure to 0% to 20%. The indexes are weak, but money is moving into the stocks that were left behind.
Big Tech Earnings, the Fed and Iran Are in Play as the Market Tries to Recover
Alphabet and Microsoft report after the close, and Warsh takes the stage.
ADP Hiring Growth Slows for Second Week
According to ADP’s NER Pulse, private employers added 67,000 jobs, or 16,750 a week, in the four weeks ending October 10, a second week of slowing and the fewest since the period ending August 29. It also revised the prior week down to 70,000 from 74,000.
The four-week moving average of those totals also fell for a second week, to 85,500, the lowest since the period ending September 19. That’s down from a peak of 93,750 in the four weeks ending September 26.
The pace remains healthy, though. At roughly 72,600 a month, it’s above most recent estimates of breakeven job growth, the pace needed to hold the unemployment rate steady. The Federal Reserve Board puts that at “less than 10,000 new jobs per month in 2026,” and the St. Louis Fed estimates a range of 15,000 to 87,000.
ADP’s next report will be its monthly report November 4th.
Initial Jobless Claims Extend Longest Run Since 1969
Initial claims came in at 199,000, only the 11th week below 200,000 since 1969, while the four-week average of continuing claims fell to its lowest level since April 2023.
Initial Jobless Claims’ Streak Hits First Since 1969
An average of initial claims fell to its lowest since September 2022 and one for continuing claims fell to its lowest since April 2023.
Rare Dynamic Plays Out Amid Weak Jobs Data, Stubborn Bonds
Odds of an October hike fell to about 20%, but bonds gave back their gains and rates kept rising.
Those Jobs Numbers? Looks Like the Joke’s on Us.
We got disappointing data and big revisions. But can we take any of it seriously?
Oil Falls, Jobs Miss and Yields Slip: 8 Key Items Shaping the Stock Market Friday
Anthropic’s IPO timing, Boeing averts strike and other headlines moving the market this morning.
Initial Jobless Claims Remain Near 57-Year Lows; Continuing Claims a 3-Year Low
Initial unemployment claims held below 200,000 for a third straight week (only ninth week since 1969), while continuing claims dropped to their lowest since March 2023.