US: Macro Since March FOMC - Labor: No Sign Of Deterioration In Claims (3/3)
* The other main labor releases saw JOLTS job openings as expected for
February, with relatively little change in outright openings seeing a
resumption of a decline in the ratio to unemployed after a strong rise in
unemployment in that month.
* The quits rate further consolidated the prior sizeable decline, rounding to
2.2% for a fourth consecutive month below the 2.3% averaged in 2019, an
indicator further flashing a return to pre-pandemic labor market conditions
even if vacancy ratios aren't there yet.
* Jobless claims data meanwhile have shown little sign of a deterioration in
labor market conditions. The four-week average of initial claims tracks below
average 2019 levels, a barometer of prior labor market tightness, whilst
continuing jobless claims are keeping to their narrow range seen since the
annual revisions to the seasonal factors.