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Free AccessSharp Job Openings Drop Another Signal Of Labor Market Loosening
The JOLTS job openings figure of 8.733mln badly missed expectations (9.3mln) in October, with September revised lower (9.35mln from 9.553mln).
- This was the biggest monthly drop since May 2023 and marks the lowest level of job openings since March 2021, with the ratio of openings/unemployed dropping to 1.34, the lowest since Aug 2021.
- The closely eyed quits rate remained steady for the 4th consecutive month at 2.3% /2.6% overall/private sector respectively.
- Notable reductions in job openings were in health care and social assistance (-236k), finance and insurance (-168k), and real estate and rental and leasing (-49k); information saw a rise (+39).
- Overall the report signals that labor market conditions continue to loosen - a key component of the progress the FOMC needs to see before more clearly signalling that it's done tightening. While of course Friday's payrolls data for November carries more weight, expect this data point to come up at next week's post-meeting press conference.
Source: BLS, MNI
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.