The demand for workers remained strong in the US in September, with 6.1M (versus 5,9M a month ago) job openings registered at the end of the month. The number of openings relative to the size of the employment base was unchanged in September at a cycle high of 4.0%.After moving sideways for much of 2016, job openings were up 7.0% in the third quarter from a year earlier as hiring in commodity-oriented industries bounced back. Total separations edged down over the month, driven by fewer layoffs. The quit rate rebounded to 2.2%, but has not been able to break through this level. Demographic factors may be weighing on the quit rate, as older workers tend to change jobs less frequently. Nevertheless, the Fed would welcome more voluntary job switches as a sign of labor market strength and source of stronger wage growth.
The US JOLTs Job Openings is a survey done by the United States Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month. Respondents answer quantitative and qualitative questions about their businesses’ employment, job openings, recruitment, hires, and separations. Except the NFP Payrolls and ADP Employment data, this is the third most important data source of the US job market.
Let’s now take a look at the USD/CHF technical picture at the daily time frame. After breaking above the 78%Fibo at the level of 0.9954, the price has made a lower low at the level of 1.0038 and now is consolidating the gains. The next technical resistance is seen at the level of 1.0100.
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