Dow went up 141, decliners over advancers 3-2 & NAZ crawled up 10. The MLP index was off 1 to the 207s & the REIT index slid back 3+ to the 342s. Junk bond funds fluctuated & Treasuries were a little lower, raising yields modestly. Oil fell 1+ to the high 87s & gold retreated 10 to 1675.
AMJ (Alerian MLP index tracking fund)
Overall, prices for goods jumped 0.4% last month after declining 1.1%
in Aug. The bulk of the increase – about 60% – can be traced to a
1.2% monthly surge in prices for food, including a stunning 15.7%
advance in the cost of fresh & dry vegetables, according to the Labor
Dept. Energy prices, meanwhile, climbed 0.7%, despite a 2%
drop in the cost of gasoline. That is largely due to the increase in the
cost of diesel fuel, residential natural gas & home heating oil. Meanwhile,
the services index advanced 0.4% in Sep, the 5th consecutive
rise. Most of the Sep increase can be attributed to a 0.6% rise in
the index for final demand services excluding trade, transportation &
warehousing. Prices for final demand transportation & warehousing
services actually fell 0.2%. These numbers come just one day before the Labor Dept reports
the consumer price index, which measures the prices paid directly by
consumers. The CPI is expected to be another doozy: The forecast anticipates that inflation rose 0.3% in Sep on a monthly basis,
faster than the 0.1% pace in Aug. Both
data releases are considered to be important measurements of inflation,
with the PPI believed to be a good leading indicator of inflationary
pressures as costs work their way down to consumers.
Wholesale inflation hotter than expected in September
Ahead of the holiday rush, the search for seasonal workers could see some companies scrambling for talent as the unemployment rate remains low. Companies including UPS (UPS) plan to hire over 100K employees at distribution centers across the country. The shipping giant
now uses what it's called a "digital first" application process in
which job offers could be extended in as little as 25 minutes, often
without interviews. At a hiring event in Columbus, Ohio, UPS human resources partner Vern Brown said FOX the package carrier had focused on streamlining the hiring
process. Amid a tight labor market, Brown said UPS would also offer referral bonuses and sign-on bonuses for certain positions. "Our
basic positions are anywhere from $16 to $30 an hour. So it’s a great
opportunity, it is based off the candidate's flexibility, what fits
them," Brown added. "Our tractor-trailer positions for [commercial driver
license-qualified] candidates start at $21 an hour but also include a
$6,000 sign-on bonus." The
delivery & warehousing sector typically adds 350K jobs over the
holiday season, according to data from the Labor Dept. In addition to UPS, the Postal Service & Amazon (AMZN) are expected to contribute to that total, adding 28K & 150K
jobs respectively for "peak season." FedEx (FDX) has yet to disclose how many
seasonal positions it will offer. Across the country, major retailers are also staffing up as the peak season approaches.
US companies staff up for holiday rush, hire seasonal workers
Intel (INTC), a Dow stock, is reportedly planning a major reduction in
its workforce, as the company looks to cut costs & deal with a
slowdown in the personal computer market. The layoffs will be announced as early as this month, possibly in connection with its Q3 earnings report on Oct 27. As of Jul, the chipmaker had 113K employees. Some divisions, including sales & marketing group, could see
cuts affecting about 20% of staff. PC sales tumbled 15% in Q3 from a year earlier. In Jul, the company warned that 2022 sales would be about $11B lower than it previously expected. The forecast is predicting a Q3 revenue drop of roughly 15% & its once-enviable margins have shrunk. "We
are also lowering core expenses in calendar year 2022 and will look to
take additional actions in the second half of the year," CEO said. The stock fell 27¢ .
If you would like to learn more about INTC, click on this link:
club.ino.com/trend/analysis/stock/INTC?a_aid=CD3289&a_bid=6ae5b6f7
Intel to cut thousands of jobs as PC demand slows: report
Dow Jones Industrials
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