Job Openings Surge

Job openings surged in December, foretelling perhaps January's surge in the labor participation rate. Openings came in at 5.607 million, well up from a revised 5.346 million in November. The openings rate jumped 2 tenths to 3.8 percent and compares with 3.4 percent in December 2015. And in an indication that workers are moving up to better jobs, the quits rate rose 1 tenth to 2.1 percent. The layoffs rate, portending the decline in the unemployment rate, fell 1 tenth in the month to 1.1 percent. This is a strong report and a reminder that the labor market continues to move to something called full employment, defined by convention as the flashpoint for wage inflation.