JOLTS reviewed: highest on record - Nomura

Analysts at Nomura noted that US Job openings in July increased marginally to 6170k, up from 6116k in June, according to the Job Openings and Labor Turnover Survey from the BLS. 

Key Quotes:

"July’s reading marks the highest on record for the survey. Overall, vacancy postings remain elevated with strong labor demand in a tight market."

"Elsewhere, the quits rate, a good measure of how confident workers are in the current labor market, inched up 0.1pp to 2.2%, matching its post-recession high. The layoffs & discharges rate was unchanged from June at 1.2%, indicating low levels of involuntary separations."

"Labor market turnover (the sum of hires and separations divided by two times employment) remains subdued in the private sector, portending sluggish wage and productivity growth over the medium term."