U.S job openings at 6.04 million

On the last business day of April, the job openings level increased to a series high of 6.0 million (+259,000). The job openings rate was 4.0 percent. The number of job openings edged up for total  private (+220,000) and increased for government (+39,000). Job openings increased in a number of  industries with the largest increase occurring in accommodation and food services (+118,000). Job  openings decreased in durable goods manufacturing (-30,000). The number of job openings increased in the Midwest and Northeast regions.

U.S. Non-Manufacturing PMI decreased to 56.9

The NMI registered 56.9 percent, which is 0.6 percentage point lower than the April reading of 57.5 percent. This represents continued growth in the non-manufacturing sector at a slightly slower rate. The Non-Manufacturing Business Activity Index decreased to 60.7 percent, 1.7 percentage points lower than the April reading of 62.4 percent, reflecting growth for the 94th consecutive month, at a slower rate in May. The New Orders Index registered 57.7 percent, 5.5 percentage points lower than the reading of 63.2 percent in April.

USD - Major events in the week ahead

Events that marked the week:

On Tuesday CB Consumer Confidence data was released. The Conference Board Consumer Confidence Index®, which had decreased in April, declined slightly in May. The Index now stands at 117.9 (1985=100), down from 119.4 in April. The Present Situation Index increased marginally from 140.3 to 140.7, while the Expectations Index declined from 105.4 last month to 102.6 in May.“Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board.

U.S Unemployment rate at a multi-year low

The US unemployment rate unexpectedly fell to 4.3%, a new multi-year low, but it is a misleading optic for what is a disappointing report.  It is likely not weak enough to put much doubt into expectations for a Fed hike later this month, but it will reinforce the caution in the Beige Book and in recent comments from some Fed officials. Besides the decline in the unemployment rate, and a further decline in the under-employment rate (U-6) from 8.6% to 8.4%, there is little positive in today's report.