Job openings hit a record 7.14 million in August, according to the Job Openings and Labor Turnover Survey. This indicates companies could face inflationary pressures ahead with a tight labor market. The total number of hires also reached a new record of 5.78 million. Openings dwarfed the total level of workers looking for jobs, which stood at 6.23 million for that month and fell to 5.96 million in September.
The National Association of Home Builders index rose one point in October to 68. Anything above 50 is considered positive. The index was unchanged from October 2017. This comes as lumber prices are falling driving down the cost of building a home.
Walmart has purchased online lingerie retailer Bare Necessities for an undisclosed amount. (CNBC)
A record net 37 percent of biz owners reported raising overall compensation in hopes of hiring and retaining employees in the tight labor market. This surpasses the previous record of a new 35 percent in May 2018. Competition for workers is pushing up compensation as there are more job openings than job seekers. (NFIB)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.