U.S. October JOLTS report - Gains in Openings and Quits signal labor market resilience
October’s JOLTS report shows a stronger than expected 372k increase in job openings, which while not fully erasing a revised 489k decline in September leaves the 3-month average positive and the 6-month average only marginally negative, suggesting the labor market remains resilient.
The data, combined with lower initial claims, suggests that November’s non-farm payroll will show a rebound from the weak October data that was depressed by two major hurricanes and a strike at Boeing.
Hirings fell by 269k while separations increased by 65k, leaving the difference between the two series at 52k, almost as weak as the 12k October non-farm payroll increase. However, the rise in separations was more than fully due to a 228k surge in quits, and renewed strengths in quits could be a sign of renewed confidence in the labor market outlook.