Summary
The latest JOLTS report furthered the notion that the labor market is merely running in place. Openings were little changed in August, keeping the vacancy rate at a cycle low of 4.3% and the number of openings just below the number of unemployed workers. With hiring demand still tepid, more workers are opting to stay put in their current job, further tempering upward pressure on wages. A low rate of layoffs remains one of the few bright spots in the jobs market, but the low quit rate elevates the risk of layoffs jumping higher.
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