Analysts at Nomura noted that the BLS reported that job openings decreased 181k in October to 5996k, a still-elevated level.
Key Quotes:
"September’s job openings were revised up 84k to 6177k (previously reported as 6093k). Looking at the details, accommodation & food services vacancies rebounded after a soft, likely weather-related September. However, wholesale trade job openings declined sharply by 90k, the largest one-month decrease since May 2007. Elsewhere, professional & business services, information, and manufacturing job postings all declined by at least 30k."
"Job openings in the construction sector increased 48k. Labor turnover, the sum of hires and separations divided by two times employment, ticked up slightly but remained unchanged on a rounded basis."
"The quits rate remained at its post-crisis peak of 2.2%, while the layoffs & discharges rate declined 0.1pp to 1.1%. Despite the decline in job postings, the labor market overall remains healthy and job openings remain near record highs."
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