Consumer confidence fell to a 10-year low, while the number of workers leaving their jobs hit a record high

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After the employment report was released in New York on September 3, 2021, the sign of the job fair can be seen on Fifth Avenue.

Andrew Kelly | Reuters

A closely watched indicator shows that consumer confidence hit a 10-year low in November as inflation climbed to its highest level since the early 1990s.

According to preliminary readings on Friday, the University of Michigan Consumer Confidence Index fell to 66.8 in November. This reading is the lowest level since November 2011, well below the Dow Jones index’s 72.5 expectation.

The survey shows that consumers expect the inflation rate to still be higher, and the 12-month forecast slightly rises to 4.9%

According to the Consumer Price Index released on Wednesday, the indicator also shows that policymakers are less confident in taking appropriate action against inflation, which was 6.2% in October.

Although people’s perceptions of the economy continued to decline, in September, workers once again left their jobs in record numbers.

The US Department of Labor reported on Friday that 4.43 million people had resigned, which is a sign of confidence in the labor market and part of what some people call a “great resignation.” This number exceeded the 4.27 million in August and increased the turnover rate as a percentage of the labor force to 3%, which is also a new record.

The total in September was 1.1 million higher than the same period last year, when the exit rate was only 2.3%.

The total number of recruits this month was 6.46 million, a slight decrease from August.

The loss of existing jobs is because the available jobs are still increasing.

The Ministry of Labor said in its job vacancies and labor mobility survey that there were 10.44 million job vacancies, a relatively small drop from 10.63 million in August, but still much higher than the 7.68 million people who were looking for work in September. The JOLTS data is one month later than the department’s widely watched non-agricultural employment report.

According to FactSet data, the number of job vacancies in September is expected to reach 10.46 million.

This is breaking news. Please check back here for updates.


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