US: Signs of underlying labor market strength - Nomura

Sandeep Kanihama FXStreet Contributor

Analysts at Nomura point out that in the US, JOLTS job openings declined 202k to 6638k in May, lowering the job openings rate 0.1pp to 4.3%, a still-high reading.

Key Quotes

“The decline was driven by professional & business services, health care and arts, entertainment and recreation service industries. The number of quits in May jumped sharply by 212k, raising the total quits rate to 2.4%, a new post-recession high.”

“The elevated quits rate is a key sign of underlying labor market strength as workers often feel emboldened to separate from their current employers in a tight labor market.”

“Overall, today’s JOLTS data are consistent with other labor market indicators, suggesting steady momentum going into Q3.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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