US: JOLTS job openings surged to 6.55mn in March - Nomura

Analysts at Nomura note that in the US, JOLTS job openings surged by 472k in March to 6.55mn, the highest reading on record, increasing the job openings rate 0.3pp to 4.2%.

Key Quotes

“Professional & business services (112k), construction (68k) and retail trade (60k) showed solid increases. Government job openings have increased steadily over recent months, a good sign for an eventual pickup in government hiring that we expect this year.”

“The quits rate increased 0.1pp to 2.3%, its post-recession high, while layoffs remained muted. Labor market turnover, the sum of hires and separations as a percentage of employment, remained essentially unchanged in March at 4.0%, its average since 2016. This mirrors similar behavior from y-o-y growth in average hourly earnings (AHE) over the same period.”