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The U.S. Bureau of Labor Statistics reported the number of job openings declined 1.6% in November to 6.5 million, compared to 6.6 million in October. This report missed the market expectation of 6.9 million. Job openings decreased in durable manufacturing (~48,000) information (-45,000), and educational services (-21,000). The report showed a 17.6% jump in layoffs to 2 million (+295,000) with the service sector taking the brunt, driven by job cuts in leisure and hospitality (+263,000), which almost tripled. There were 10.7 million unemployed workers vying for 6.6 million openings in November or roughly 1.6 workers competed for every job opening.
The U.S. Bureau of Labor Statistics reported the consumer price index increased 0.4% in December after rising 0.2% in November. Gasoline prices were a driving factor with an 8.4% jump that contributed to 60% of the CPI increase. In the 12 months through December, the CPI advanced 1.4%, which represents the smallest yearly gain since 2015. The index for all items less food and energy increased 0.1% in December after a 0.2% rise in November. Excluding the volatile food and energy components, the core CPI edged up 0.1% after climbing 0.2% in November as indices for used cars and trucks, recreation, and medical care all declined in December. The core CPI gained 1.6% in 2020, well below the 2.3% increase for 2019.
The Commerce Department reported retail sales dropped 0.7% in December to $540.9 billion. Spending at electronic and department stores were down 4.9%. Foodservice and drinking places dropped 4.5%, culminating in a 21.2% decrease for the year. Online sales dropped 5.8% after rising 19.2% for the year. Retail trade sales were down 0.3%, but 6.3% above last year. Clothing store sales rose a modest 2.4% after dropping 16% for the year. The biggest price increase came at the gas pump, up 6.6% after dropping 12% for the year.
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