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November's labor force participation rate of 62.1% was almost exactly where it was in January, with little variation in between. Each month millions of adults change their work status: Some join the labor market by either accepting a job or starting a job search; others move between a job and unemployment; some leave the labor market altogether. Increasingly "workers leaving employment are dropping out of the labor force, not becoming unemployed," TS Lombard economist Steven Blitz wrote recently. Recent changes in labor flow data "underscores the Fed's concern about the supply-demand labor imbalance underpinning inflation." Reuters GraphicsFEWER 'UNRETIREMENTS'The payroll jobs and labor force data come from different surveys, one of firms and one of households, and might be revised over time.
The month-to-month decline in the Adobe Digital Price Index, a measure of online shopping designed to mirror the basket of goods included in the government's Consumer Price Index, was an even faster 3.2%. U.S. shoppers spent $35.27 billion online overall during Cyber Week, the period from Thanksgiving through Cyber Monday. Until that point online prices for years had been a drag on overall inflation. "If current trends continue, goods prices should begin to exert downward pressure on overall inflation in coming months," Fed Chair Jerome Powell said last week. As goods inflation has begun to slow prices for services have accelerated.
EU antitrust regulators have reached a final deal with Amazon , three years after officials in Brussels opened a probe into whether the company uses data to engage in anti-competitive practices, according to the Financial Times. Amazon has agreed to give rival products more visibility in its "buy box," which spurs the majority of the site's purchases, the Financial Times said. The deal is expected to be announced on Dec. 20, the U.K. newspaper said, noting the date could be changed. The European Commission told CNBC the investigations are ongoing. Read more from the Financial Times.
The estimate from Adobe Analytics predicts an increase of up to 8.5% from a year earlier. Adobe Analytics measures e-commerce performance by analyzing purchases at 85% of the top 100 internet retailers in the United States. Both Adobe and MasterCard Spending Pulse are expected to release their updated Cyber Monday spending estimates on Tuesday. Americans have put off holiday shopping for weeks in the hopes of finding deeper post-Thanksgiving markdowns. Last year, Cyber Monday sales fell 1.4%, according to Adobe Analytics, as retailers kicked off holiday promotions early to avoid product shortages amid a global shipping crisis.
Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. Walmart (WMT.N) and Best Buy websites also showed discounts worth hundreds of dollars on high-end laptops and televisions. Shoppers will find record discounts today for computers, peaking at 27% off listed price, while nearly all other categories, including apparel, toys and furniture, also have double-digit discounts, Adobe said. U.S. shoppers spent a record $9.12 billion online on Black Friday, according to Adobe Analytics.
Amazon is temporarily closing warehouses in parts of Florida as Hurricane Ian churns toward the state. The company on Tuesday shuttered sites near Tampa and Orlando, according to notices sent to employees and reviewed by CNBC. The National Hurricane Center on Tuesday upgraded Hurricane Ian to a Category 3 storm, with maximum sustained winds of 120 miles per hour. Amazon is the latest company to adjust its operations as Hurricane Ian approaches the southeastern coast. WATCH: Florida's Gulf Coast braces for Hurricane Ian to make landfall
read moreRegister now for FREE unlimited access to Reuters.com RegisterThe gains in the consumer discretionary sector may prove fleeting. read moreStill, some investors believe inflation and growth woes may already be largely reflected in many consumer discretionary shares. "But we're seeing a lot of consumer stocks that we think will hold up and come out of this in a better position." Consumer stocks are rallying despite looming Fed hikes. Global fund managers have remained bearish on consumer discretionary stocks despite recent gains, with nearly 25% of those surveyed by BofA Global Research this month underweight the sector - the most of any group.
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