January 31, 2023 15:13 GMT
Consumers Surprisingly Finding Jobs More Plentiful Again
- Conference Board consumer confidence was softer than expected in January as it fell from an upward revised 109.0 (initial 108.3) to 107.3 (cons 109.0).
- Part of that was likely on 1-year out consumer inflation expectations firming from 6.6% to 6.8%.
- However, ahead of payrolls on Friday, the labour market differential saw a second (and perhaps surprise) monthly increase to 36.9, still the highest since September. It came as jobs plentiful increased 1.8pts to 48.2 and jobs hard to get dipped -0.6pts to 11.3.
- In doing so it supports the recent trend lower in jobless claims, showing little sign of imminent deterioration in the labor market.