JOLTS data is near post pandemic lows
  • Prior month 8.790M revised higher to 8.925M
  • JOLTs job openings for December 9.026M vs 8.750M estimate
  • Quits rate unchanged at 2.2%. The quits rate can serve as a measure of the workers going this or ability to leave jobs.
  • Layoffs and discharges were little changed at 1.6 million or 1.0% for the fourth month in a row.
  • Hires were little changed at 5.6 million and 3.6% effectively. The number of hires decreased in healthcare and social assistance (-119K) but increased in state and local government excluding education (+35K)
  • Total separations including quits, layoffs, and discharges and other separations were little changed at 5.4 million with an unchanged rate of 3.4%.

With the revision from the prior month for the JOLTs data, the overall data was little changed. However, given the expectations, the data was better than expected. Looking at the chart above, although JOLTs data is near lows going back to the pandemic, they remain well above the highs from before the pandemic.

US yields are trading near highs:

  • 2-year yield 4.346%, +2.5 basis points
  • 5- year 4.005% +1.2 basis points
  • 10 year 4.083%, -0.8 basis points
  • 30-year 4.306% -2.9 basis points