US: Strong employment data - Nomura

Analysts at Nomura note that in the US, the July JOLTS report from the BLS showed a solid increase in vacancy postings with a total of 6939k at the end of the month, up from 6822 in June.

Key Quotes

“The number of job openings per unemployed individual stands at 1.1, its post-recession high. Other data in the report remain consistent with solid labor market activity.”

“The quits rate, a measure of worker confidence in job prospects, increased 0.1pp to 2.4%, the highest reading since April 2001, partially driven by a sharp 0.7pp jump in the quits rate for real estate workers.”

“Labor market turnover, the sum of hires and separations as a percent of two times the employment level, ticked up slightly to 4.15%.”

“Overall, incoming labor market data from the JOLTS report remains consistent with solid economic momentum.”