US: Steady labor demand – Nomura

Analysts at Nomura note that the US job openings in September declined slightly to 7009k from an upwardly revised 7293k in August (previously 7136k), consistent with steady labor demand.

Key Quotes

“The job openings rate ticked down 0.2pp to 4.5%, a still-elevated level. The quits rate remained at 2.4%, the highest level since April 2001.”

“Labor market turnover, the sum of hires and separations as a share of two times employment, remained elevated at 4.2%, down slightly from 4.3% in August, consistent with steady wage growth.”

“The recent strength in job postings has been relatively broad-based with manufacturing, construction and leisure/hospitality leading the way. The layoffs and discharges rate remains subdued at 1.1%, matching low incoming initial jobless claims data.”