- Bank of Tokyo Mitsubishi
The latest Job Openings and Labor Turnover Survey showed US employers posted 4.834 million job openings in October, slightly more than 4.7 million in the preceding month. The number of job openings in the private sector was little changed, while the figure dropped for government positions in the month under review. The monthly JOLTS is preferred by the Fed Chair Janet Yellen as a more accurate picture of economic conditions than the weekly or monthly jobs numbers. Last week data showed US companies added 321,000 non-farm payrolls in November, overshooting expectations for a 230,000 gain. This is the biggest monthly increase since January 2012.
US wholesale inventories rose more than expected in October, which is likely to result in a boost to the fourth quarter GDP numbers. The Commerce Department reported wholesale stocks increased 0.4%, while September's wholesale inventories were revised up to show a 0.4% rise. Inventories are a one of the key components of gross domestic product changes. The component that is included to the calculation of economic output -wholesale stocks excluding autos - jumped 0.6%. The US economy expanded at a 3.9% rate in the third quarter, with inventories acting as a mild drag.
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