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JOLTS Shows Labour Market Only Slowly Moderating

US DATA
  • Job openings were slightly higher than expected in Oct, at 10.33M vs 10.25M from a little revised 10.69M.
  • It saw the ratio of job openings to unemployed fall back from 1.86 to 1.71 in Oct, tying with Aug for the lowest year since Nov’21 but still clearly historically elevated vs 1.2 averaged in 2019.
  • The quits rate edged a tenth lower to 2.6% on rounding (2.65 to 2.63) whilst the private sector rate held steady at 2.9%, down from a high of 3.4% in Nov'21 to the lowest since Mar’21.

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