The latest Job Openings and Labor Turnover Survey (JOLTS) for the month of May came in at 8.14 million, beating Wall Street expectations of 7.95 million. In addition, layoffs and separations came in higher at 1.65 million in May, while the number of voluntary quits also moved upward to 3.46 million.

Macquarie head of economics David Doyle joins Catalysts to give insight into the JOLTS data and what it signals about the labor market moving forward.

"I'll tell you what I'm watching most closely is the wage growth numbers. So we had seen some deceleration in the wage growth numbers heading into the last employment report, then we got some very strong monthly numbers coming out of that. If we start to see that subside again, it will further reinforce the disinflation narrative. However, if those wage growth numbers remain strong, that I think could be more concerning in terms of anticipating when the Fed might cut next," Doyle tells Yahoo Finance.

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This post was written by Nicholas Jacobino