Preview for JOLTS: could be tight - Nomura

Analysts at Nomura offered their preview for JOLTS.

Key Quotes:

"Job openings increased sluggishly in September to 5486k from 5453k in August, nudging the job openings rate upwards to 3.7% from 3.6%, suggesting that the labor market remains tight. 

Other measures of job vacancies have been more mixed. 

For instance, the Conference Board’s Help-Wanted Online ads essentially remained flat over the past few months after a sharp decline earlier this year. However, this trend is not yet too concerning as the October employment report showed a steady pace of job gains. 

Yet, sustained deterioration in job openings could be an early warning that labor market conditions are softening. Consensus is expecting job openings to have increased slightly to 5500k in October. 

Consumer credit: Consumer credit expanded by $19.3bn in September following an increase of $26.8bn in August. Both revolving and nonrevolving credit continued to expand at a healthy pace. 

As consumer fundamentals remain healthy, this trend is likely to continue. Consensus expects credit to expand at a similar pace in October at $18.3bn."