Economic data out this week includes a pair of inflation measures. On Wednesday, the Bureau of Labor Statistics reports the Consumer Price Index for December. Excluding volatile food and energy components, it’s expected to have risen 1.6% year-over-year. The core Producer Price Index for December, out Friday, is predicted to have increased 1.3% from last year.
On Friday, the Census Bureau reports retail-sales data for December the all-important holiday shopping season. Retail sales excluding autos fell 0.9% in November, and they’re expected to have climbed 0.4% last month.
Other economic releases this week include the National Federation of Independent Business’ Small Business Optimism Index for December on Tuesday and the University of Michigan’s Consumer Sentiment Survey for January on Friday.
US Job Openings Rise, But Labor Market Slowing
WASHINGTON U.S. job openings increased in October, but many of the help wanted signs could disappear amid widespread restrictions on businesses to slow rapidly spreading COVID-19 infections.
The month-old Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Dec. 9 also showed a rise in layoffs, though a chunk reflected the discharge of temporary workers hired for the 2020 Census.
The United States is in the throes of a new wave of coronavirus infections, with the number of confirmed cases crossing the 15 million mark on Dec. 8.
“The labor market remains miles and miles away from the best economy in 50 years in February before the pandemic struck,” said Chris Rupkey, chief economist at MUFG in New York.