Economists surveyed by Bloomberg expected job openings to dip to 10.25 million on the month. US job openings fell to 10.33 million in October, down 10.68 from the prior month, according to the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) survey. Excluding food and energy prices, the PCE price index increased 4.6%, also revised up 0.1 percentage point. The report also found that the Personal Consumption Expenditure (PCE) index, which measures the price of consumer goods and services, increased 4.3% in the quarter, an upward revision of 0.1 percentage point. US GDP for the 2022 third quarter increased at a 2.9% annual rate, according to a government estimate. Fewer people are quitting and the post-pandemic recovery is stabilizing.” “In addition, companies are no longer in hyper-replacement mode. “Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” Nela Richardson, chief economist at ADP, said in a statement. The ADP employment report showed that private companies added 127,000 jobs for November, below expectations of about 200,000, in further signals of a cooling labor market. 'We will likely have an eventual miss of c.370bps and c.500bps, respectively.'Įarly in the day, investors studied another wave of macroeconomic data. 'Every cycle is clearly different but with markets increasingly confident of a terminal rate around 5% and inflation getting back close to target in 2024, it’s worth remembering that exactly a year ago today, markets were pricing a Fed Funds rate of 0.68% by the end of 2022 and CPI of 2.6% (consensus of economists),' Jim Reid, Head of Thematic Research at Deutsche Bank, wrote in a note. Strategists said the market has has already “priced in” the coming rate hike slowdown and higher terminal federal funds rate, both of which Powell had already hinted at in his early November conference. The speech also comes less than two weeks before the release of November’s consumer price data.

WTI crude oil ( CL=F) rose 2.6% on Wednesday to $80.25 a barrel.įor investors, though, Powell's speech, likely his final comments before the Fed's next rate setting meeting in mid-December, was the highlight of a jam-packed day in economic data points. In oil markets, the global benchmark Brent crude ( BZ=F) climbed 2.3% to $82.90 a barrel. dollar was weaker Wednesday, while the yield on the benchmark 10-year Treasury note slipped. U.S.-listed Chinese stocks rose for the third day, adding to record rally this month as Beijing announced plans to accelerate vaccination of China’s elderly on Tuesday, spurring optimism among investors about a path forward for easing COVID restrictions amid nationwide protests. The afternoon gains came after stocks finished lower on Tuesday, even as concerns regarding China’s strict zero-COVID policy abated.

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