The market staged an early rally attempt that was snuffed up when the December JOLTS report showed a record amount of job openings and quits spiking to 61% of total separation.   But, the devil is in the details.  Quits aren’t keeping up with the pace of overall job creation and certain areas are problematic.  The fact manufacturing workers were not quitting in December makes me wonder even more about the January jobs number from the government.

On the other hand, its clear professional jobs are driving wages and retail turnover is as high, as quits match opens.  This and higher minimum wages are a serious issue for those industries.   I don’t think this report, even coupled with the jobs report, is enough to warrant a rate hike; but for now, it’s got the street spooked.