US: JOLTS report to reflect continued labor market strength - Nomura

Analysts at Nomura point out that US job openings jumped to 6.3mn in January, marking a new series high as the increase in vacancy postings was broad-based across most industries with notable pickups in the construction and manufacturing sectors.

Key Quotes

“The quits rate fell to 2.2%, but remained within a steady range. This measure implies that workers remain willing to voluntarily leave their current employers, highlighting workers’ confidence in a healthy labor market. This report appears consistent with the nonfarm payroll employment data in recent months, which increased solidly in January and February. We expect the February JOLTS report to reflect this continued labor market strength.”