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JOLTS Further Evidence Of Labor Market Tightness

DATA REACT
  • Solid JOLTS report for March, with job openings and quits moving to new highs in absolute terms.
  • The ratio of unemployed per opening fell to a new low of just 0.5 as openings increased from an upward revised 11.34M to 11.55M (cons 11.2M), further supporting the tightness in the labour market in a month that the u/e rate fell to 3.6%, just one tenth above pre-pandemic record lows.
  • The quits rate also firmed a tenth to 3.3% for the private sector (3.0% total) as it reversed recent moves lower to take it back towards the Nov’21 peak of 3.4%.
  • Front-dated Tsy yields have increased 2bps since the release, which hit at the same time as core durable goods orders were revised modestly higher.
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