US: JOLTS job openings to remain elevated over the medium term - Nomura

Analysts at Nomura note that US job openings softened somewhat in Q4 2017, declining 366k after reaching a post-crisis peak of 6177k in September, with professional & business services accounting for roughly 60% of the drop.

Key Quotes

“With a tightening labor market and strong growth this year, we expect job openings to remain elevated over the medium term. The quits rate increased 0.1pp to 2.2% in December, within the narrow 2.1-2.2% since May 2016. Labor market turnover, the sum of hires and separations as a percent of two times employment, remained unchanged in December at 4.0%, still well-below the 2005 and 2001 peaks of 4.5% and 5.0%, respectively.”