• Previous month 7.744M revised to 7.839M
• JOLT puts November vacancies at 8.098 million vs. 7.770 million estimate.

Details

• Vacancy rate 4.8% vs. 4.6% last month
• Abandonment rate 1.9% vs. 1.8% last month.
• Hiring 3.3% vs. 3.3% last month
• Divorce rate 3.2% vs. 3.3% last month

Looking at the trend from the chart above, JOLTS were probably overvalued at the highest levels with companies competing for workers. There has been a steady decline, but to a higher level than before the pandemic.

So, the number of jobs has decreased, but at the old high levels and now it is going higher.

With ISM data stronger than expected, yields move higher:

• Two-year yield 4.316%, +4.4 basis points
• 5-year 4.480%, +6.0 basis points
• 10 years 4.689%, +7.3 basis points
• 30-year yield 4.911%, +7.4 basis points

The major stock indexes are now affected, with the NASDAQ index leading the way with a -0.8% decline. The S&P is down -0.34% and the Dow Industrial Average is down -0.06%. The small-cap Russell 2000 is down -0.55%.

Nvidia shares are now down -2.56% to $145.56 after trading as high as $153.13 – a new all-time high. Nvidia stock closed at a record high yesterday.