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Up the mountain and back down in the valley
Here's a look at the year-over-year percentage change of PPI (producer prices) ex food & energy over the last five years. Core PPI is back down to 2% for the first time since January 2021 after topping out at 9.7% in March 2022. Source: Bespoke
The share of workers voluntarily quitting their jobs is down to 2.3%
This is the lowest since January 2023 and down from 3.1% prior to the Fed started rate hikes. Weaker labor demand will be the theme of 2024 as job growth slows and rates stay higher for longer. Furthermore, as excess savings have now been depleted, consumers are more reliant on holding a job. Source: The Kobeissi Letter
The ADP jobs report shows that the US labor market is cooling
U.S. firms scaled back hiring in November. Adding only 103k private payrolls compared 130k expected, according to ADP. Job cuts were seen in manufacturing, construction, and leisure/hospitality sectors. ADP’s report is based on payroll data covering +25 million US private-sector employees. Source: Genevieve Roch-Decter, CFA, Bloomberg
The US job market is starting to crater...
With consensus expecting only a modest drop from the reported September 9.553 million job openings, what the BLS reported moments ago instead was a stunning collapse of 617K job openings to just 8.733 million, the lowest since March 2021. This was a 6-sigma miss to the consensus estimate of 9.3 million... Source: www.zerohedge.com, Bloomberg
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