Job Openings Hit Two-Year Low, ADP Reports Slow Payroll Growth, U.S. Economy Adds 272,000 Jobs in May: Portafolio Capital Markets Recap for Week Ending 06/07/2024
In April, job openings in the United States dropped to their lowest point since February 2021, signaling a potential softening in the labor market. This decline in available positions could indicate a shift as employers display caution amidst economic uncertainties. The Labor Department’s Job Openings and Labor Turnover Survey, released Tuesday, reported that employment vacancies fell to 8.06 million in April, nearly 300,000 fewer than in March and about 19% lower than the previous year. This is the lowest level since February 2021. The ratio of job openings to available workers decreased from 1.2 to 1, down from its peak of 2 to 1 in March 2022, returning to pre-pandemic levels.
For more information, visit: https://www.bls.gov/news.release/jolts.nr0.htm
-
In May, the growth of private payrolls demonstrated a significant decrease, with companies adding just 152,000 jobs, the lowest monthly level since January. This figure is below the downwardly revised 188,000 jobs added in April and the Dow Jones consensus estimate of 175,000). This data, provided by ADP, marks a slowdown that may indicate broader economic concerns. Analysts had projected a much higher number, reflecting ongoing challenges in the labor market.
In a robust display of economic resilience, the U.S. economy added an impressive 272,000 jobs in May, significantly surpassing expectations. Despite the strong job growth, the unemployment rate saw a slight increase, edging up to 4%. This shift suggests a complex labor market scenario where job creation coexists with ongoing adjustments in workforce participation.
For more information, visit: https://www.bls.gov/news.release/empsit.nr0.htm
-
Mortgage applications have declined for the second consecutive week, signaling a potential slowdown in the housing market. “Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent – its highest level since early May – despite incoming data indicating somewhat slower economic growth,” -Mike Fratantoni, senior vice president and chief economist at the MBA (Mortgage Bankers Association.
This economic indicator is crucial as it provides insights into the overall health of the labor market and its effects on consumer spending and real estate trends.
-
Citadel Securities and BlackRock are collaborating on an initiative to establish a new national stock exchange based in Texas. This project aims to enhance competition in the U.S. stock exchange market, which is currently dominated by the likes of the New York Stock Exchange and the Nasdaq. The launch of this Texas-based exchange underscores the ongoing trend of large financial firms expanding their influence in various regional markets across the United States.
www.portafoliocapital.com/subscribe
Portafolio Capital Management is an independent wealth and capital management firm based in San Antonio, Texas. With over 12 years of combined investment and macro-economic analysis experience, our goal is to instill confidence in our investors through how we view markets and our investment approach. As a Registered Investment Advisor (RIA) and fiduciary, we are held to the highest standard when it comes to managing your money and are bound by law to act solely in your best interest.
Learn more about our strategy and management style by scheduling a 15-minute warm meeting at: https://calendly.com/portafoliocapital/15min.
All content is not to be received as financial advice and is for informational purposes only. Each individual should consult with their dedicated financial advisor, tax preparer, estate attorney, etc. before making any financial or investment decisions. Portafolio Capital does not recommend (nor does it make recommendations of) the buying or selling of any securities through any of our published content mediums. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the information provided or in connection with information stated. While we do our best to vet thoroughly and provide you with information from reputable resources, not limited to: FRED, Yahoo Finance, CNBC, and company specific investor websites, unfortunately we cannot guarantee the accuracies of such and ask that you do your own due diligence when researching any finance, economics, and earnings information. Furthermore, we do not undertake an obligation to update or revise publicly any information as it changes. Please read our entire legal disclaimer page at portafoliocapital.com/disclosures-and-documents
Chief Investment Officer
