Analysts at TD Securities note that the JOLTS Job Openings report for July should garner attention given the importance the Federal Reserve has placed on the progress of still-tight labor market conditions.

Vacancies-to-unemployed ratio important to track

"We look for the report to show that job openings have indeed continued to make inroads: we forecast another decline in the series to a below-consensus 9.3mn in July (market: 9.436m)."

"The report's vacancies-to-unemployed ratio and the quits rate will also be important to track; the job vacancy rate was 5.8% last month while the quits rate is currently sitting at a 2-year low of 2.4%."