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MARKET NEWS
- The Labor
Department’s Job Openings and Labor Turnover Survey (JOLTS) showed a
1.7% increase in job openings in October, still near August’s record
high. Job openings reached 7.079 million, hirings are also up 3.4% to a
level of 5.893 million.
- The
National Federation of Independent Business (NFIB) small business
optimism index declined 2.6 points to a level of 104.8, a seven-month
low. No components increased, only two were unchanged, and eight
declined. The drop in sentiment was driven by negative outlook on
expectations of the economy to improve.
- Mortgage
activity reacted to the recent drop in mortgage rates again for the week
ending 12/7. New purchase applications are up 3.0% and refinance
applications are up 2.0% for a composite increase of 1.6%.
- In
November, the consumer price index was unchanged month-over-month and up
2.2% year-over-year. The softer reading may be due to falling gas
prices. Excluding food and energy costs, the index was up 0.2%
month-over-month and up the same 2.2% annual rate.
- For the
week ending 12/8, initial jobless claims fell 27,000 to a level of
206,000. Continuing claims increased to a level of 1.66 million, still
near the lowest level since 1972.
- Retail
sales are up 0.2% month-over-month, driven by spending at e-commerce and
traditional big-box retailers. Excluding gas and auto spending, retail
sales are up 0.5% month-over-month.
C G Barbeau
NMLS #324982
CMG FINANCCIAL
California
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