The U.S Bureau of Labor Statistics Job Openings and Labor Turnover Survey, or JOLTS reported 10.4 million job openings as of the last day of August, the drop follows an upwardly revised (and record) 11.1M openings in July.  Job openings slid for the first time in 6 months. Industries contributing to the drop include healthcare and social assistance (-224,000), food service (-178,000), and state and local government education (-124,000). The federal government reported an increase in openings (+22,000). The number of people who voluntarily left their jobs rose 242,000 to 4.3M, contributing to a record quits rate of 2.9%. Driving the quits rate were people quitting from accommodation and food services (+157,000), wholesale trade (+26,000) and state and local government education (+25,000). Hiring posted its biggest drop in eight months with decreases in accommodation and food services (-240,000) and in state and local government education (-160,000).  The hiring rate dropped to 4.3% (vs July’s 4.6%). August hiring decreased by 439,000 jobs to 6.3M. There have been 72.6M hires and 66.7M separations over the past 12 months, resulting in a net employment gain of 5.9M.

The U.S. Bureau of Labor Statistics reported the consumer price index rose 0.4% in September; this follows a 0.3% increase in August. The index’s year-on-year rate is up a seasonally adjusted 5.4% from a year ago.  The indexes for food (+0.9%) and shelter (+0.4%) contributed to more than half the seasonally adjusted increase. The indexes for new vehicles (+1.3%), household furnishings and operations (+1.0%), and motor vehicle insurance (+2.1%) also rose in September. The energy index came in at (+1.3%), with the gasoline index reporting (+1.2%). Year on year the energy index is up 24.8% and the gasoline index is up 42.1%. Core CPI, which excludes the more volatile food and energy costs increased 0.2% in September. The annual rate of Core CPI inflation remains at 4.0%.

The Commerce Department reported advance retail sales increased 0.7% to $625.4B in September, following an upwardly revised 0.9% in August. Excluding autos, sales advanced 0.8%. Retail sales are 12.2% higher than in September 2020. Total sales for July 2021 through September 2021 were up 14.9% year over year. Sales increases were reported in sporting goods (+3.7%), general merchandise (+2.0%), miscellaneous retailers (+1.8%), gasoline stations (+1.8%), and food and beverage (+0.7%).  Sales by motor vehicle and parts dealers increased 0.5% in September and follows a 3.3% decrease in August. The increase in auto receipts is attributable to higher prices as inventory shortages continued. Sales at electronics and appliance stores dropped (-0.9%).  “Core” retail sales, which excludes automobiles, gasoline, building materials, and food services increased 0.8% and follows a downwardly revised 2.5% in August.