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Job openings, consumer confidence signal humming economy

Yahoo Finance's Seana Smith breaks down the latest economic data from the JOLTS job openings report and on consumer sentiment.

Video Transcript

[AUDIO LOGO]

SEANA SMITH: Let's get you up to speed on two pieces of econ data out today. On the labor front, job openings jumping to 11.2 million in July. About a million more than what the Street was expecting. The latest sign that the labor market is still extremely tight and that rate hikes may not be slowing, the economy as quickly as the Fed had maybe initially anticipated. The Fed watches this number very closely for any sign of slack in hiring.

The other piece of data out today, consumer confidence. Showing consumers are feeling OK about the current economic backdrop. The index rebounding in July, rising for the first time in four months, driven by the drop that we've seen in gas prices.