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Particularly Sticky Job Openings But Quits Rates Falling Faster

US DATA
  • The annual revisions broadly leave an even more elevated level of job openings in January at 10.82M (cons 10.55M) after 11.3M (initial 11.0M).
  • As such the ratio to unemployed eased only from 1.96 to 1.90. It’s down from a high of 2.01 in March but up from 1.73 in Oct.
  • Quits rates are however showing a greater degree of moderation though, the total from 2.65% to 2.50% and private from 2.92% to 2.76%, with both seeing the fastest single month declines since May.
  • Single months can admittedly be noisy but they are both now within 0.2pps of 2019 averages.

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