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Job Openings Buck Recent Easing But Quit Rates Still Moderating

US DATA
  • JOLTS job openings were clearly stronger than expected in April at 10.103M (cons 9.4M) after an upward revised 9.745M (initial 9.59M) as they bucked their trend of misses in the past couple reports.
  • It saw the rate to unemployed rise from 1.67 (initially 1.64) to 1.79, its highest since January.
  • Quits rates meanwhile saw some modest further easing, with the overall rate from 2.47 to 2.44% and the private rate from 2.73 to 2.70%.
  • Both quits rates edge closer to pre-pandemic levels vs 2019 averages of 2.3 and 2.6% respectively.

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