U.S. JOLTS report showed job openings surged 461kk to 6,163k in June
U.S. JOLTS report showed job openings surged 461kk to 6,163k in June, a record high level, after falling 265k in May to 5,702k (revised from -301k to 5666k). The rate climbed to 4.0% from 3.8% (revised from 3.7%). Hirings dropped 103k to 5,356k after rebounding 416k previously (revised from +429k), with the rate holding steady at 3.7%). Quitters, a favorite stat of Fed chair Yellen, slid 72k in June following May's 162k increase (revised from +177k). The quit rate dipped to 2.1% from 2.2%. The strength in the headline job openings component is good news, and is consistent with much of the other labor market data. And though the slip in the quit number is a little disappointing, it's been on a choppy course most of the year.