This morning, the BLS published job openings data for November. The report showed that there were 8.1 million job openings in the month, coming in ahead of the average analyst estimate's call for 7.7 million openings in the period. Analysts had anticipated that job openings would decline slightly from the 7.7 million openings recorded in October, but the tracking unexpectedly ticked upward.

Investors are worried that the latest jobs data could be sign that higher-than-anticipated levels of economic activity will increase inflationary pressures. Along with the news, yields on U.S. Treasury bonds moved higher today.

Even on the heels of recent interest rate cuts from the Federal Reserve, the benchmark rate has been kept relatively high in order to combat inflation. If economic indicators continue coming in hot, that could be a sign that inflationary pressures are poised for a resurgence. That would likely mean that interest rates would be cut at a slower pace, which would be a bearish development for Shiba Inu and other cryptocurrencies.

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