Job openings in the US skyrocketed from 431,000 to 11,000,000 towards the end of October. This would be the second-highest on record. This suggests that there is a worker shortage, or in other words, people are not willing to take the job. This can definitely impact the overall economy in a negative way.
The Job Openings & Labor Turnover Survey also showed a steady decline in layoffs, alongside a lower number of people voluntarily quitting. Both signaled that the jobs market was tightening. This is also something that can negatively impact the overall economy.
“Under normal circumstances, a near-record number of job openings would be something worth celebrating,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. “But no employer is in a celebratory mood. It is difficult to fill orders or meet customer demands if there are not enough people to do the actual work.”
If this continues to happen, how will the USD fair in the FX market? How will EURUSD move over the next few weeks? In the last couple of days, we have seen the USD weaken against the EUR. A move of nearly 90 pips in one day is considered a significant move. Will it continue to move up? Let us know what you think.
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