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Macro Since March FOMC - Labor: No Sign Of Deterioration In Claims [3/3]

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  • The other main labor releases saw JOLTS job openings as expected for February, with relatively little change in outright openings seeing a resumption of a decline in the ratio to unemployed after a strong rise in unemployment in that month.
  • The quits rate further consolidated the prior sizeable decline, rounding to 2.2% for a fourth consecutive month below the 2.3% averaged in 2019, an indicator further flashing a return to pre-pandemic labor market conditions even if vacancy ratios aren’t there yet.
  • Jobless claims data meanwhile have shown little sign of a deterioration in labor market conditions. The four-week average of initial claims tracks below average 2019 levels, a barometer of prior labor market tightness, whilst continuing jobless claims are keeping to their narrow range seen since the annual revisions to the seasonal factors.

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  • The other main labor releases saw JOLTS job openings as expected for February, with relatively little change in outright openings seeing a resumption of a decline in the ratio to unemployed after a strong rise in unemployment in that month.
  • The quits rate further consolidated the prior sizeable decline, rounding to 2.2% for a fourth consecutive month below the 2.3% averaged in 2019, an indicator further flashing a return to pre-pandemic labor market conditions even if vacancy ratios aren’t there yet.
  • Jobless claims data meanwhile have shown little sign of a deterioration in labor market conditions. The four-week average of initial claims tracks below average 2019 levels, a barometer of prior labor market tightness, whilst continuing jobless claims are keeping to their narrow range seen since the annual revisions to the seasonal factors.