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JOLTS Openings Higher Than Expected But Doesn’t Change Rebalancing Trend

US DATA
  • JOLTS job openings surprisingly increased in May to 8.14m (cons 7.95m) after a downward revised 7.919m (initial 8.059m) in April.
  • However, combined with the already known increase in the level of unemployment, the ratio of openings to the unemployed was unchanged at 1.22 (April revised down from an initial 1.24), in what is still the lowest since Jun 2021.
  • That’s essentially back to the 1.19 averaged through 2019 even if somewhat high historically and vs the 1.0 through 2017-18.
  • Quit rates unchanged at 2.18% after a downward revised 2.18 (initial 2.22) in April. Quits have stabilized at a rounded 2.2% since Nov’23, already below the 2.33 averaged in 2019 and in line with the 2.2 through 2017-18 having shown greater rebalancing than the openings to unemployed trend.

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