What did the US JOLTS numbers imply?
The US Job Openings and Labour Turnover Survey (JOLTS) numbers were published and the headline number beat the expectations. This is a piece of data that the FED watch closely to evaluate how the job market is performing. The subcategories of this report explain more than just the number of new job openings which is the headline number. In the subcategories, we can see how many workers were hired, the separations, how many people quit their jobs and the layoffs.
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The main JOLTS number came at 5.788m against 5.672m expected which means that more jobs have been opened in April. But the quits and the separations came out as expected and the same with the previous month. The US unemployment rate stands at 4.7% which means that the employment is near full capacity. That should push people to look for better jobs but the separations and quits don't show that. On top of that hires were 200K lower than in the previous month. That tells us that the job market is not that tight after all.
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