Jolts lower but still elevated
- Prior month 11.012M
- JOLTs job openings 10.824M versus 10.5M estimate
- Hires 4.1% % vs 4.0% last month
- Quits 2.5% % vs 2.7% last month. Quits decreased to 3.9 million or -207,000. Quits decreased in professional business services at -22K
- Layoffs and discharges 1.1% vs 1.0% last month.
- In 2022 the annual average job levels was 11.2 million an increase of 1.2 million from 2021
- in 2022 there were 77.2 million hires an increase of 1.2 million from 2021
- total separations, quits came in at 50.6 million in 2022 that was the highest annual level in the survey’s history (going back to 2001)
- layoffs and discharges increased 461,000 in 2022 to 17.6 million
The data is indicative of a strong jobs market although quits did decline. If quits increase the thought is that employees are confident they can find another job. If they decline, than the opposite is inferred. One you
On Friday the BLS will release the monthly nonfarm payroll and unemployment statistics. The expectations are for nonfarm payroll to increase by near 225,000. The unemployment rate is expected to remain steady at 3.4% (near historic low levels going back 70 years)
/inflation
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