U.S. JOLTS data hints improvement in labor market

In the United State, Job Openings and Labor Turnover Survey (JOLTS) released the total job openings figures for September. The figure increased to 5.26mn from previous month's  5.377.

The service sector industry leads this growth as demand for labor in this sector increased sharply. A disaggregate level figure discloses demand for labor in trade, transportation, and utilities increased by 75k, in professional and business services 126k, and in education and health services 52k, notes Barclays. Though there is a weaker demand for labor in goods-producing industries and manufacturing, the service sector offsets it.

The number of unemployed job seekers per job opening reached at 1.4 is a lowest level for first time since 2007. Improvement in labor market, steady worker confidence, and continued employment gains will strengthen the Fed's confidence in the economic outlook, and thereby lead to an rate hike December FOMC meeting, argues Barclays.