JPMorgan Econ FI-US Job openings move up; labor market differential jumps-106228059

JPMORGANNorthAmericaEconomicResearch30January2024US:Jobopeningsmoveup;labormarketdifferentialjumpsTwoseparatereportsfromthismorningsuggestedthattherestillisstrongdemandEconomicResearchforlaborrelativetosupply.TheDecemberJOLTSreportshowedthatthenumberofjobopeningsrosefrom8.925mninNovemberto9.026mn(thevacancyrate,DanielSilvermeanwhile,wasunchangedafterroundingbetweenthesemonthswhilethevacancy-to-unemploymentratiomovedup).Whilethebroadtrendforjob(1-212)622-6039openingsgenerallyhasbeenmovinglowerinrecentyears,themonthlychangesdaniel.a.silver@jpmorgan.comhavebeenmixed(includingtheincreaseinthelatestreport)andthelevelofJPMorganChaseBankNAopeningshasremainedhighandsignificantlyabovepre-pandemicnorms.Ahigherlevelofavailablejobopeningsshouldbemakingiteasierforindividualstofindwork(allelseequal),andtheConferenceBoard’sconsumersurveyshowedasignificantincreaseinitslabormarketdifferentialwhichcapturesresponsesontherelativeeaseoffindingajob.Thismeasurejumped8.4%-ptinJanuaryalone(to35.7%)andoverthepasttwomonthshassurged12.7%-pt,markingoneofthelargesttwo-monthincreasesinthehistoryofthedata.WhilejobopeningsmovedupinDecemberintheJOLTSreport,therewasalsoanincreaseinlayoffsreportedforthemonthalongwithadeclineinquits.SotheNovember-Decemberchangeslookmixedacrossthereport’smaindetails,butoverallthereporthasbeensignalingstrengthin...