4/11/23 Market Snapshot: JOLTS report, lightening wage pressure, manufacturing index

The job market was the focus of the past week due to several reports which reflected some easing of pressure in the employment picture. The JOLTS report (Job Opening and Labor Turnover Survey) from the U.S. Bureau of Labor Statistics gained attention on Wednesday when it announced that current U.S. job openings fell below 10 million, a figure not seen since 2021. Friday’s release of the non-farm payroll report was in line with expectations with a gain of 236,000, but it was well below the increase of 326,000 jobs in February. The report also noted that wage pressure appears to be lightening with the lowest month over month increase in 2 years.