Rover's Weekly Market Brief - 06/11/2021


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The U.S Bureau of Labor Statistics Job Openings and Labor Turnover Survey, or JOLTs reported a record 9.3 million job openings as of the last day of April.  While the job openings rate came in at a record 6%, hires were little changed at 6.1 million. Increases came in accommodation and food services (+349,000), other services (+115,000), and durable goods manufacturing (+78,000). Decreases came in educational services (-23,000) and in mining and logging (-8,000). Payrolls increased by 559,000 in May following a 278,000 improvement in April.  The labor market is still some 7.6 million jobs short of pre-pandemic levels. The number of workers who left their jobs voluntarily grew to 4 million in April, while the quits rate rose to a record 2.7% – showing workers are confident in seeking new employment opportunities.

The Energy Information Administration reported an inventory decline (excluding those in the Strategic Petroleum Reserve) of 5.2 million barrels for the week ending June 4th to 474M barrels. U.S. crude oil inventories are running about 4% below the five-year average for this time of year. Crude oil refinery inputs averaged 15.9M barrels per day, a 327,000 barrels per day increase over the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Crude-oil production increased by 200,000 barrels a day from the previous week to 11M barrels per day. Gasoline inventories rose 7M barrels to 241M barrels with an unchanged five-year average for this time of year. Distillates increased by 4.4M barrels to 137.2M barrels and are about 5% below the five-year average. Total commercial petroleum inventories increased by 15.5M barrels last week. Total products supplied over the last four-week period averaged 19M barrels per day, up 16.7% over the same period last year.

The U.S. Bureau of Labor Statistics reported consumer prices increased a seasonally adjusted 0.6% in in May. The all items index increased 5.0%, the largest 12-month increase since August 2008. A third of the all items increase is attributed to a 7.3% increase in the index for used cars and trucks, In addition, indexes for household furnishings and operations, new vehicles, airline fares, and apparel all increased. The food index gained 0.4%, up 2.4% over the past 12 months. The index for all items less food and energy rose 0.7% in May after increasing 0.9% in April, the index has increased 3.8% over the past 12 months. The energy index remained unchanged as a decline in the gasoline index was offset by increases in the electricity and natural gas indexes. The energy index is up 28.5% over the last 12-months.

Upcoming Economic Reports:

Tuesday June 15 – Core Retail Sales (MoM) (May)

Wednesday  June 16 – Building Permits (May)

Earnings Calendar:


Monday Tuesday Wednesday Thursday Friday
Smith & Wesson
No Earnings
National Energy