00:00Let's look at Joltz first because everybody wants to know about the employment market.
00:037,359,000 job openings in the month of June.
00:08That is down from 7,594,000.
00:14But I'm not sure how much difference that actually makes overall.
00:17The quits level is at 3,232,000.
00:23And the quits rate rises to 2% from 1.9%.
00:28That's kind of the one that people look at more because it gives you some idea of what consumer confidence
00:33is in being able to get a new job.
00:36So a tick up is a little bit of good news.
00:38Factory orders also in.
00:40This is, for the large measure, an update, basically, of durable goods orders.
00:46Down 0.3%.
00:48The initial report last month down 1.1%.
00:52Durable goods orders as part of this, though, were stronger, up half a percent from a three-tenths in the
00:59month of May.
01:00And I think what we're seeing here is AI trade again.
01:03We saw that earlier today with the trade numbers as exports don't match up with imports.
01:10Imports says people bring in more stuff to use.
01:13Just mentioned that capital goods orders, non-defense, ex-air, stronger, 1.2% from nine-tenths of a percent.
01:19That's the part that goes into GDP.
01:21So we watch that as a proxy for business spending.
01:24But, again, this was June data.
01:26So it's already passed in terms of GDP.
01:28Well, I love that you say that at jolts.
01:29You say what the jolts are.
01:31And then it's like if, you know, because people apparently still care about this.
01:33Isn't this a data point that's really volatile and just means less for this market or at least has less
01:38correlation, especially because it's June, what we're going to get to the rest of this week with, like, ADP, Challenger
01:42and payrolls?
01:43Yeah, it's not going to tell you a whole lot.
01:45A fewer job openings would, in theory, mean that there are going to be fewer people hired.
01:49But we still have enough job openings, way more than needed to fulfill the, to get to the neutral employment
01:56rate.
01:56So I don't think you're going to see a lot of people relying on this.
01:59But it picks up tomorrow with ADP and ISM services.
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