John Hancock: Weekly Market Recap Weed Ended November 12th
Inflation spike
A monthly measure of U.S. consumer prices climbed to the highest level since 1990, marking the fifth month in a row in which the inflation rate topped 5.0%. The government reported on Wednesday that the Consumer Price Index jumped to 6.2%. Excluding the often-volatile categories of food and energy, the inflation rate was 4.6%.
Confidence shaken
Inflation concerns were among the top issues cited by survey participants in findings that showed a sharp decline in U.S. consumer confidence. The University of Michigan reported on Friday that a preliminary reading of its consumer confidence index fell to the lowest level in 10 years. The drop exceeded most economists’ expectations.
Help wanted
The U.S. government reported on Friday that employers had 10.44 million job openings in October, declining modestly from the 10.63 million openings reported two months earlier. Friday’s report also showed that a record 4.4 million Americans quit their jobs in September.
Retail numbers ahead
With inflation concerns looming large and the holiday shopping season approaching, a retail sales report that’s scheduled to be released on Tuesday is likely to be watched more closely than usual. The last monthly report, covering September, showed that sales at retail stores, restaurants, and online sellers climbed a seasonally adjusted 0.7%.
Source: https://wmr.jhinvestments.com/