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September JOLTS Paints Very Similar Picture To August

US DATA
  • JOLTS job openings surprisingly pushed higher to 9.553m (cons 9.4m) in September after last month’s surprise jump to 9.61M was trimmed slightly to 9.497m.
  • It meant the ratio of openings to unemployed increased fractionally to 1.50 from 1.49, having stalled at the 1.5 since June having been 1.8 as recently as April. Recall Chair Powell has seen something closer to 1:1 as indicative of labor market balance.
  • No change in quits rates, still back at their 2019 averages as has been the case since July. Overall quits at 2.33 after 2.34% (2019av 2.33) and private quits at 2.59 after 2.58 (2019av 2.59).

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