Market Update 8/12/14

The NFIB Small Business Optimism Index was released this morning and showed a small increase in confidence with the headline index rising from 95.0 to 95.7. The net number of small businesses expecting to hire rose from +12 to +13, while the net number reporting that they are having trouble filling positions fell from +26 to +24. Neither of these are very significant changes overall. Also out this morning was the JOLTS survey which saw its jobs opening rate tick up .1% to 3.3% for June. Its hires rate also was up .1% to 3.5%. Though this report shows minor gains, it’s these minor gains that are beginning to add up to larger ones over time. The job openings rate has climbed now from 2.7% at the beginning of the year to this month’s 3.3% print, having now broken out of its recent micro-range of 2.6-2.9%. Last bit of news today will be the 3yr Treasury note auction at 12pm CST. Market expectations are that the statistics should print in line with the following 6-auction averages and the auction should come and go without a hitch.