Major indices are recovering some early losses after economic data showed further signs of labor market cooling (more below).

Oil prices continue their downtrend as oil prices decline and gasoline futures get closer to their three-year low.

Only two sectors are in red this afternoon, with Energy (XLE) being the worst performer, while the rate-sensitive Utilities (XLU) sector is the biggest gainer.

JOLT’s report showed the number of job openings in July was 7.7M, missing consensus of 8.1M and down by 1.1M from last year. The June number was revised down to 7.91M. This shows a continuation of the decline in labor market conditions.

Other highlights from the JOLTS report:

• Health care and social assistance openings fell by 187,000
• State and local government, excluding education openings fell by 101,000 
• Transportation, warehousing, and utilities openings fell by 88,000 
• Professional and business services openings rose by 178,000 
• Federal government openings rose by 28,000
• Number of hired came in at 5.5M, with rate of hires at 3.5%
• Accommodation and food services hires increased by 156,000
• Total separations in July increased by 336,000 to 5.4M
• Health care and social assistance separations rose by 108,000

New orders for manufactured goods in July rose by 5% m/m, above consensus of 4.7%, and far above last month’s decline of 3.3% m/m. 

New orders for durable goods rose 9.8% m/m, primarily driven by an increase in transportation equipment. Non-durable goods rose slower than durable, up 0.8% m/m.