US job openings jump in December

Growth in the number of job openings in the US easily surpassed expectations in December, highlighting Fed chair Janet Yellen's policy quandary as economic growth slows and the stockmarket weakens, while the country's labour market tightens day by day, according to Pantheon Macroeconomics's chief economist, Ian Sheperdson.

Job openings rocketed from 5.4m in November to 5.61m in December (consensus: 5.41m), according to the Bureau of Labor Statistics.

That followed several months' worth of data that appeared to be pointing to a levelling-off in job openings, calling that trend into question, Sheperdson said.

It was also consistent with the improving trend in the National Federation of Independent Businesses's measure of jobs-hard-to-fill.

The so-called 'quit-rate' - which Yellen has pointed to in the past as a key indicator - also hit a new cycle-high of 2.1%, after rising by one tenth of a percentage point.

"Diminishing labor market slack has led to a modest increase in wage growth, evident across several measures of worker compensation. We expect that wage growth will continue to move up gradually, helping core inflation return toward target once the headwinds from lower import prices subside," said Barclays's Jesse Hurwitz.