The current inflation situation in the USA is relatively stable, with the annual inflation rate standing at 2.7% as of November 2024. This marks a slight increase from the previous month's rate of 2.6%. The inflation rate is influenced by various factors, including energy costs, food prices, and shelter costs.
Key Contributors to Inflation:
- Energy Costs: Although energy costs declined by 3.2% in November, this was less than the 4.9% decline in October.
- Food Prices: Inflation accelerated for food, with prices increasing by 2.4% compared to 2.1% in the previous month.
- Shelter Costs: Inflation slowed for shelter, with prices increasing by 4.7% compared to 4.9% in the previous month.
Monthly CPI Changes:
- The Consumer Price Index (CPI) rose by 0.3% in November, which is the most significant increase since April.
- The core CPI, which excludes food and energy prices, rose by 3.3% on a yearly basis and 0.3% on a monthly basis.
Overall, while inflation remains a concern, the current rate is relatively manageable, and the Federal Reserve will likely continue to monitor the situation closely.
Employment Numbers
- Total nonfarm payroll employment rose by 227,000 in November, with the unemployment rate remaining steady at 4.2%.
- Private employers added 146,000 jobs in November, according to the ADP Employment Report.
Job Openings and Turnover
- The number of job openings was little changed at 8.1 million on the last business day of November.
- Quits decreased to 3.1 million, while layoffs and discharges changed little at 1.8 million.
- The Job Openings and Labor Turnover Survey (JOLTS) reported 7,744,000 job openings in October, with a job openings rate of 4.6%.
Industry Trends
- Employment trended up in health care, leisure and hospitality, government, and social assistance, while retail trade lost jobs.
- Job openings rates fell in 4 states and rose in 1, with hire rates rising in 3 states and falling in 2.
Upcoming Releases
- The Employment Situation for December 2024 is scheduled to be released on January 10, 2025.
- Job Openings and Labor Turnover data for November 2024 were released on January 7, 2025.
Comments
Post a Comment