U.S. Jobs
There were 6.08mm job openings in August, not far from the estimate of 6.125mm and down somewhat from 6.14mm in July. The internals though were mixed. Hiring’s fell by 91k m/o/m (rate fell to 3.7% from 3.8%) but separations were down by 134k. Also of note, the number of quitters fell and the quit rate did as well to 2.1% from 2.2%.
Bottom line, the number of job openings in August is just off a record high and continues the trend of good demand for labor. We know though that there is a shrinking supply of willing and able bodied workers who fit the required qualifications and thus limits hiring’s as well as firing’s. This data of course is pre hurricane so will get distorted in September. Also, it’s never market moving.
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.