ING And Wells Fargo: More Support For Strong Wage Growth

ING and Wells Fargo note the strength in the JOLTS report for September as it continues to support strong wage growth as companies look to both compete for and retain workers.

• ING note a new high for the quit rate with 4 million people quitting their job in September or 3.4% of workers moving to a new job in the private sector and feeding "the narrative that companies are paying up to compete for staff in an environment where labour supply is tight with firms also increasingly paying staff more to retain them".
• Job openings remain extremely elevated at 10.4mn, which would take 20 months to fill based on October's payroll increase.

• Wells Fargo note that "despite slipping in September from an upwardly revised level in August, job openings remain exceptionally high at 10.4M".
• "Job switching remains rampant with the quit rate reaching a fresh record high, which is driving wages up as employers battle to attract and retain workers", particularly when it comes to attracting them judging by the Atlanta Fed's Wage Growth Tracker which shows job-switcher pay materially outpacing job-stayers.