Here comes the JOLTS report ...

The latest Job Openings and Labour Turnover Survey is set for release at the top of the hour.

Economists forecast that job openings totaled 5.3 million in July.

The data will tell us the quits rate, which reflects the number of people comfortable with leaving their current jobs to find new ones.

Here’s Pantheon Macroeconomics’ Ian Shepherdson’s preview to clients, from a note out Tuesday:

Today brings new labour market data, in the form of the July JOLTS report. This tells us very little that we didn’t already know — the quit rate, which Fed Chair Yellen often cites as a key indicator, simply moves inversely with the headline unemployment rate — but it will serve to emphasise just how hard it is for employers to fill job openings …

The JOLTS and NFIB data are consistent in signalling a tight and still-tightening labour market, so the only real mystery in the data is the apparent sluggishness of earnings growth. This might be more a reflection of the unreliability of the headline hourly earnings data than the real story in the economy, but policymakers have not shown any consistent inclination to focus on other measures of wage gains.

We’ll be back with all the details at the top of the hour.

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