00:00 Brad
Let's kick off this morning with some fresh economic data. We just got the latest job openings and labor turnover survey for May. Senior reporter, Allie Canal, has the breakdown. Hey, Allie.
00:12 Allie
Hi, Brad. Well, it's looking good here, particularly when we look at job openings. They came in well above expectations. The estimate was for 7.3 million job openings, and we got close to 7.8 million, and we far outpaced what we saw the previous month as well. So that edges the openings rate to 4.6%. We also saw the quits, uh, the number of quits that we're seeing in this market edge higher as well. So this, uh, suggests more confidence in the labor market here, especially as we head to that crucial jobs report on Thursday. And then on the manufacturing front as well, we also saw, uh, some improvements there. ISM manufacturing registered a reading of 49. Now, any reading below 50 signals contraction in the sector. So we are still contracting. However, that level of contraction has slowed here. We saw the prices paid index edge up slightly, 69.7 compared to the expectations of 69.5, and that comes as tariffs has raised a lot of those input costs for those manufacturers. Uh, new orders also decreased, um, from the month prior along with falling short of expectations, 46.4 compared to expectations of 48.1 here. But we also received a second, uh, check on the manufacturing sector from S&P Global, and that came in strong, 52.2. The survey expectations was 52, a lot of positive commentary there on a rebound in the sector overall. So, uh, certainly a thing for markets to hang their hat on with this data coming in stronger than expected there, and again, sets us up for that crucial jobs report later this week, Brad.
02:49 Brad
All right, Allie, thank you so much. Big week of jobs data indeed.
