Job Openings and Quits Dip in October

Wells Fargo Research Team Wells Fargo

Job openings and hires fell modestly in October, consistent with a gradual deceleration in employment amid a tightening labor market. Voluntary turnover disappointed, as quits declined by the most since January.

Job Openings Continue to Moderate

Job openings declined to 5.5 million in October, a slight pullback from a revised 5.6 million registered in September.
Job openings have risen the most in the Northeast and West over the past year. By sector, natural resources & mining and information continued to lag in October, although these industries represented just 1.9 percent of total private sector openings.

Quits Disappoint, but Layoffs Remain Low

Quits declined by 66,000 in October, the largest decline since January. The quite rate has stubbornly remained at 2.1 percent for five consecutive months. Continued improvement in quits should bode well for an acceleration in productivity and wages.
Layoffs, however, remain exceptionally low. Amidst a tight labor market and slow productivity growth, employers appear to be holding on tightly to existing workers.

Download the full report

Author

Wells Fargo Research Team

Wells Fargo

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.