OPEC issued its annual report this morning. It says 2016 marks a “turning point” for oil toward a more balanced market, but the lower price environment, market instability, and uncertain environmental policies will muddle the long-term outlook. Crude is at $44.58 a barrel on the New York Merc, up more than 20% year to date, but they’re down by more than half from their peak above $105 in mid-June 2014. Output from non-OPEC oil producers has eased back this year, while world oil demand has remained around 1.2 million barrels a day.
The Labor Department reports employers wanted to hire 5.49 million people in September, up from 5.45 million in August. 5.1 million were hired. About 3.1 million people quit their jobs in September. The quit rate was unchanged at 2.1%. The U.S. has created an average of 181,000 new jobs a month so far in 2016. The economy is on track to generate more than 2 million for the entire year. That will mark the sixth straight year in which employment has grown by at least 2 million.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
