Analysts at Nomura offered a preview of the next key jobs data from the US coming up tonight.
Key Quotes:
“Job openings remain near record levels this year as labor demand firms in an economy growing well-above potential. The job openings rate, at 4.3%, sits just 0.1pp below its historical high. In May, the quits rate was up 0.1pp to 2.4%, the highest since April 2001, as workers feel emboldened to leave their current employer for other opportunities in a strong labor market. However, labor market turnover, the sum of hires and separations divided by two times the employment level, remains subdued relative to previous cyclical peaks, indicating that the labor market remains less fluid.
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