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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US OUTLOOK/OPINION
The July JOLTS report released today showed a record 10.934mn job openings, far higher than the consensus 10.05mn.
- This meant a new record for the gap of job openings over the number of unemployed people: 2.232mn "excess" jobs (vs the 8.702mn unemployed in July). The previous record was November 2018 (1.459mn).
- Put another way, there were 1.26 job openings per unemployed person in the US in July. That figure doesn't tell the full picture: the pandemic and other factors have created significant mismatches in the labor force that preclude the openings simply being filled by the existing members of the unemployed labor force.
- But by the same token, it's yet another labor market indicator that points to a very strong employment picture, even if nonfarm payrolls disappointed badly in August.
- Also worth flagging is the all-time high 3.1% private sector quit rate - as workers leave their jobs for opportunities elsewhere, it's potentially a positive for wage growth beyond attracting new hires (due to the need to incentivize staff retention).
Source: BLS, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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