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May 9, 2017 By Peter Boockvar

Job openings that are hard to fill / Inventories


United States

The number of job openings in March totaled 5.743mm, about in line with the estimate while February was revised down by 61k to 5.682mm. This is the most since July 2016 but has basically been in a range since mid 2015. See below.

image002(1)

Subtracting separations from hirings saw net hiring at 172k which is essentially in line with the recent trend. The hiring rate held at 3.8% while the level of quitters rose by 80k after falling by 150k in February. The quit rate held at 2.1%.

Bottom line, the supply of jobs is there, although it hasn’t risen much over the past few years. As seen in the following chart though, it is getting harder and harder to fill these spots. This is from today’s April read on Job Openings Hard To Fill dating back to 2000:

image006

 

In the March final read on wholesale inventories, we saw an upward revision to .2% from the initial print of down .1%. The inventory to sales ratio held at 1.28 as sales were flat. Bottom line, this may lead to a slightly higher revision to Q1 GDP as remember inventories were a major drag. Specifically looking at auto inventories, the I/S ratio matches the highest level since November.

 

Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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