U.S. unemployment rate likely to fall below 4% mid of next year

The number of job openings in the United States reduced to 5.383 million in October from 5.526 million in September. Openings in professional and business services reduced by 137k on the month, likely wise, the figure declined by 18k in the manufacturing sector. Service-providing sector, in contrast, recorded a modest improvement on the same month.

The total quits rate, an indicator of labor market confidence, was remained steady at 3.4% for the seventh month. Moreover, the ratio of unemployed job seekers to job openings increased to 1.47 in October against 1.43 last month, shows that the level of labor market slack has not been improved yet. 

"This JOLTS data confirm the recent labor market improvement evidenced by the October and November payroll reports, and provide little new signal this month. Continued job gains should lead the unemployment rate to continue to move lower, reaching the mid 4% range by the middle of next year", says Barclays in a research note on Tuesday.