US: Job openings remained elevated in September - Wells Fargo

Analysts from Wells Fargo, point out that job openings were little changed in September in the US, keeping the opening rate at a record high 4.0%. They explain that turnover remains low relative to the number of job openings even as the number of quits rose.

Key Quotes: 

“Demand for workers remained strong in September, with 6.1 million job openings registered at the end of the month. The number of openings relative to the size of the employment base was unchanged in September at a cycle high of 4.0 percent.”

“After moving sideways through much of 2016, job openings in the third quarter were up 7 percent from a year earlier as hiring in commodity-oriented industries bounced back.”

“Total separations edged down over the month, driven by fewer layoffs. The quit rate rebounded to 2.2 percent, but has not been able to break through this level. Demographic factors may be weighing on the quit rate, as older workers tend to change jobs less frequently. Nevertheless, the Fed would welcome more voluntary job switches as a sign of labor market strength and source of stronger wage growth.”