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Openings Almost In Line After Revisions, Quits A Little Higher Unrounded

US DATA
  • Slightly higher than expected JOLTS job openings at 8.756m (cons 8.73m) in Feb after an downward revised 8.748m (initial 8.86m) in Jan.
  • The ratio to unemployed fell to 1.36x, helped by the strong 0.33m rise in unemployment in Feb.
  • It is back to the 1.35x it dropped to in Oct, in what was a quick trip having averaged 1.44x through Jul-Jan as its trend decline from a high of 2 in 1H22 has stalled. For context, it averaged 1.2 averaged in 2019 and 1.0 in 2017-18.
  • Quit rates meanwhile lift from some particularly low readings, helped by upward revisions.
  • Quits rate: 2.21% from 2.19 (initial 2.15). It averaged 2.33 in 2019, 2.20 in 2017-18.
  • Private quits: 2.44% from 2.42 (initial 2.37). It averaged 2.59 in 2019, 2.45 in 2017-18.

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