US: Job openings edge down to end 2017 - Wells Fargo

Analysts from Wells Fargo, pointed out that job openings fell in December from an upwardly revised November level. They noted that hires also declined but the number of quitters got a solid bump, suggesting rising confidence in the job market. 

Key Quotes: 

“Job openings edged down but November’s reading was revised higher. The recent moderation follows a sharp run-up over the first three quarters of 2017. There were 5.81 million vacant jobs at the end of 2017, down from 5.98 in November. October may have been the cycle high water mark, as the trend in vacancies appears to be turning over. Hires have yet to show much of a shift in trend, and we will watch this closely in months ahead.”

“Turnover rose slightly in December, which likely helped with some of the upward pressure on wages in the January jobs report. The rise in total separations came as more workers quit their jobs, the largest one month exodus of the cycle. The quit share of total employment rose but remained stuck in its 2.1-2.2 percent range held all of 2017. Survey measures of confidence in the job market suggest the quit rate should break out higher in 2018.”