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US JOLTS - More Openings, Slightly Fewer Quits

DATA REACT
  • The JOLTS report for December showed mixed messages with a surprise jump in job openings from an upward revised Nov (+150k to 10.925m vs cons. 10.3m) but a slightly lower quits rate after last month’s high.
  • The private sector quits rate saw a relatively broad-based 0.2pp dip to 3.2%. It was led by construction and accommodation & food services, with the latter likely linked to greater job uncertainty on rising Omicron fears (but still with a quits rate far higher than pre-pandemic and an indicator of continued wage growth strength).
  • Nevertheless, these values continue to show a very tight labour market, as evidenced by the further decline in the unemployment rate in the payrolls household survey.
  • Coupled with ISM prices paid surprisingly lurching higher (separate bullet), front Eurodollar futures dipped to session lows before bouncing and the Tsy curve flattening but then re-steepening.
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