Dig into Tuesday's data: JOLTS, consumer confidence, home prices
SPY•U.S. job openings fell 3.5% to 7.079 million in August, while consumer confidence dropped 7.6 points to 81.9 in September. Home prices in 20 major cities rose 0.3% in July and were up 2.5% year over year.
1. Labor market signals
Job openings fell 3.5% in August to 7.079 million, 146,000 below economists’ estimates. Hires rose 0.9%, while layoffs and discharges fell 3.6%; quits declined 0.7%, and the quit rate held at 1.9%. ZipRecruiter economist Nicole Bachaud said the report showed a labor market “still stuck in low gear.”
2. Confidence weakens
The Conference Board’s consumer confidence index fell 7.6 points in September to 81.9, below analysts’ 89.2 estimate. Assessments of present conditions declined 6.7%, while near-term expectations fell 8.6%. The Conference Board said consumer comments were mostly pessimistic, with references to prices and fuel costs rising.
3. Home prices rise
Home prices in major U.S. cities rose 0.3% in July, matching June’s upwardly revised gain. The 20-city composite increased 2.5% year over year, with Chicago up 6.9% and New York up 5.8%; Seattle fell 1.6% and Las Vegas declined 1.3%.
