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US DATA: Surprisingly High Job Openings But Quit Rates Resume Decline

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America

The JOLTS report saw surprisingly elevated job openings in November but the quits rate reversed a surprise increase from back in October.  

  • Job openings 8090k (cons 7740k) in Nov after an upward revised 7,839k (initial 7,744k) in Oct.
  • The ratio to unemployed 1.13 after an upward revised 1.12 (initial 1.11). It edges to what’s technically a fresh high since June, off a low of 1.08 in Jul and Sep, but has more broadly stabilized at 1.1 since July. These are levels last seen in mid-2021.
  • It clearly remains low by recent standards having averaged 1.21 in Q2 for close to the 1.19 seen in 2019 although is still elevated compared to earlier pre-pandemic years such as the 1.00 averaged in 2017-18.
  • The quits rate dropped back to 1.92% after a slightly downward revised 2.06% in Oct (initial 2.09).
  • It’s an important reversal after October surprisingly saw its first monthly increase on a rounded basis since May 2023.
  • It pokes through the 1.95 in Sep for its lowest since Jun 2020. 2019 av 2.33, 2017-18 av 2.20.
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The JOLTS report saw surprisingly elevated job openings in November but the quits rate reversed a surprise increase from back in October.  

  • Job openings 8090k (cons 7740k) in Nov after an upward revised 7,839k (initial 7,744k) in Oct.
  • The ratio to unemployed 1.13 after an upward revised 1.12 (initial 1.11). It edges to what’s technically a fresh high since June, off a low of 1.08 in Jul and Sep, but has more broadly stabilized at 1.1 since July. These are levels last seen in mid-2021.
  • It clearly remains low by recent standards having averaged 1.21 in Q2 for close to the 1.19 seen in 2019 although is still elevated compared to earlier pre-pandemic years such as the 1.00 averaged in 2017-18.
  • The quits rate dropped back to 1.92% after a slightly downward revised 2.06% in Oct (initial 2.09).
  • It’s an important reversal after October surprisingly saw its first monthly increase on a rounded basis since May 2023.
  • It pokes through the 1.95 in Sep for its lowest since Jun 2020. 2019 av 2.33, 2017-18 av 2.20.
image