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Faster Than Expected Decline In Job Openings

US DATA
  • Job openings fall by more than expected in June to 10.698M (cons 11.0M) after a marginally upward revised 11.3M in May.
  • It pushes the ratio of job openings to unemployed down to 1.81, the lowest since Feb and off the March high of 1.99, but still obviously considerably higher than the 1:1 of the late teens seen as “a good number” by Powell.
  • The quits rate was unchanged on the month for both total and private sectors, at 2.8% and 3.1%, down from respective highs of 3.0% in Nov/Dec and 3.4% in Nov at a level that could support some cooling in wage growth but nevertheless remains historically elevated.

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