Moments ago the BLS reported Janet Yellen’s favorite labor market indicator, the JOLTS survey, which showed that in June (recall this report is 1 month delayed to the payrolls report), the number of job opening rebounded from a revised 5.514 million to 5.624 million, modestly missing expectations of 5.675 million largely in line with the range.
The June job opening rate (job openings as a % of total employment plus openings) rose to 3.8% vs 3.7% prior month.
From a net turnover standpoint, the number of hires less separations continued to track the BLS payrolls number closely, jumping to 292K in the past month, catching up to recent shortfalls.
There was some good news in the pace of hiring, which after three months of declines, finally rebounded from 5.047MM to 5.131MM.
However, as the annual rate of change shows, the hiring pace continues to slowdown compared to a year ago…
… hinting that the US jobs market may have peaked.
Finally, the closely watched quits data showed a modest slowdown of 33K, to 2.909MM, suggesting that at least superficially, there is no scramble by workers to leave their jobs, and further hinting that upward wage prssures are at best muted.
via http://ift.tt/2aVJsn4 Tyler Durden