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New High For Quits Rate Overshadowed By Weak ISM Prices

US DATA
  • Job openings were lower than expected back in Nov at 10,562k (cons. 11,100k) after a modest upward revision to 11,091k in Oct.
  • However, the quits rate increased from 3.1% to a new high of 3.4% for the private sector, almost 1pp higher than immediately pre-pandemic in a further sign of potential upward pressure on wages.
  • The largest increase was again seen in “accommodation and food services” but there were increases across most major categories, with only four industries seeing small declines on the month.
  • The release coincided with a materially softer than expected prices paid component within the ISM manufacturing survey for Dec, which has seen white Eurodollars unwind yesterday's sell-off.
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