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JOLTS Report Clearly Stronger Than Expected

US DATA
  • JOLTS job openings were notably stronger than expected in November, dipping to 10.458M (cons 10.05M) from an upward revised 10.512M (10.334M prior).
  • The combination saw the ratio of job openings to unemployed pause at 1.74 (technically +0.01pt) having made relatively little inroads at reducing what are seen as excess vacancies from highs of nearly 2 vacancies per unemployed in both Mar/Apr and July.
  • Similarly, the quits rate unwound October’s 0.1pt decline, with the total rate back to 2.7% and private rate 3.0%. Again, this has moved off prior highs but at a slower rate than the FOMC would like to see, especially with the latest stabilisation rather than further decline nearer to pre-pandemic levels a little over 2.5% in the case of the private rate.

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