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JOLTS Show Further Steady Moderation In Labor Market

US DATA
  • A second monthly downside surprise for JOLTS job openings in March, at 9.590M (cons 9.736M) after minimal revisions.
  • An also sizable decline in the previously known level of unemployment meant the ratio to unemployed only edged from 1.68 to 1.64, a new low since Oct’21 and down from the 1.96 of Dec but still historically elevated vs the 1.2 averaged in 2019.
  • Quit rates also pushed lower, with the total down from 2.56 to 2.48% and private from 2.85% to 2.74%, both technically the lowest since Feb’21.

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