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Conference Board Labour Differential Pauses After October Slip

US DATA
  • Conference Board consumer confidence cooled as expected in November, falling from 102.2 to 100.2, still the lowest since July.
  • Within the survey and with an eye on Friday’s payrolls, the labour differential (jobs plentiful minus jobs hard to get) ticked higher after October saw the largest decline since Dec’20 and before that Apr’20.
  • The increase came in jobs plentiful with no change in the perception of jobs being hard to get.
  • The differential is clearly trending lower, with the net 32.8 nudging up 1pt after what had been the lowest since Apr’21, but at a level that remains historically elevated at still close to the 2019 average and pre-pandemic highs.

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