US Jobs Openings: slower improvement ahead - Wells Fargo
Job openings fell by 181,000 to 6.0 million in October, although still up 7.3 percent on the year, recent readings point to a slower pace of hiring in the coming months explained analysts from Wells Fargo.
“Job openings edged back to 6.0 million in October. While still hovering near record highs, the leveling off of openings in recent months suggest a more moderate pace of hiring ahead.”
“The number of unemployed workers per job opening remained at 1.1, which is the lowest level since the series began in 2001. Whereas in recent years this measure suggested less slack than the unemployment rate, the two now look to be fairly in line.”
“Turnover improved in October as effects from the hurricanes unwound. Gross hiring reached a new cycle high of 5.55 million. Separations declined to a seven-month low as layoffs fell again. The number of workers quitting their job was unchanged over the month, keeping the quit rate at 2.2 percent. While at a cycle high, quits remain below the previous cycle’s levels and are not currently providing much of a boost to average hourly earnings.”