The November JOLTS report (Job Openings and Labor Turnover Survey) saw job openings come in slightly below estimates, ahead of Friday's jobs report. Mizuho Securities USA Chief Economist Steven Ricchiuto joins Yahoo Finance Live to discuss expectations for the labor market in 2024.
Ricchiuto notes that current data shows the "labor market remains very, very tight." He explains that workers getting fired and re-entering the job market are finding new jobs quickly, pointing to the tremendous amount of openings. This proves "the labor market is still hot," Ricchiuto says.
"People really, really want the Fed [Federal Reserve] to cut interest rates," he adds. However, with an average quarterly GDP growth rate of 3.5%, Ricchiuto calls this a "healthy economy" and says "the economy isn't giving them that information" to justify rate cuts.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith.
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January 03, 2024 at 11:31PM
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Labor market is 'still hot,' economist explains - Yahoo Finance
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