The latest Job Openings and Labour Turnover Survey (JOLTS) will be out at 10 a.m. ET.
Economists are forecasting that there were 5.490 million job openings in February, down from the previous month’s 5.541 million, according to Bloomberg.
“Given the stronger-than-expected February nonfarm payroll performance, the consensus expects to see some improvement in the JOLTS report which would suggest the labour market remains on a positive track,” a team at Wells Fargo noted ahead of the report.
The report also includes the hiring rate and the quits rate, both of which declined in January after reaching highs in December 2015. The hiring rate fell to 3.5%, while the quits rate declined to 2.0%.
For what it’s worth, the JOLTS report is one of Fed Chair Janet Yellen’s favourites.
“The Fed will be looking for [the hiring rate and quits rate] to rebound in February, consistent with that month’s relatively strong employment report,” wrote Deutsche Bank’s Joseph LaVorgna in a note to clients.
“In Yellen’s view, the former represents business’ confidence with respect to the demand outlook, while the latter is an indication of rising worker confidence about the labour market. In fact, the quits rate has historically been a leading indicator of wage inflation, which is key with respect to income growth,” he noted.