JOLTS review: above pre-recession levels - Nomura

Analysts at Nomura offered the JOLTS review.

Key Quotes:

"Job openings were 5534k in October, in line with market expectations of 5500k following a revised 5631k job openings in September (previously reported as 5486k). Hirings and separations edged lower by 22k and 61k, respectively, implying that labor market churn (turnover) slowed in October.

Although openings, hirings and separations slowed in October, the respective rates were little changed from the prior month.

The job opening rate remained steady at 3.7%, hiring rate at 3.5%, and separation rate at 3.4%.

Overall, the job opening rate is above pre-recession levels but hiring and separation rates have yet to fully recover which may be an indication that there are structural frictions that is holding back the labor market from more job-worker matches."