Summary:

1. Japan’s basic salary growth rate hits a record high.
2. Global gold ETFs record their first monthly outflows since April.
3. U.S. initial jobless claims rise, but the labor market remains stable.

Japan’s Basic Salary Growth Rate Hits a Record High

The basic wages of Japanese workers increased by 2.7% in October, according to a report released today by Japan’s Ministry of Health, Labor, and Welfare. This increase reversed two consecutive months of declines in real wages and provided statistical support for the Bank of Japan’s potential interest rate hike this month.

More companies have raised salaries after major corporations agreed to an average increase of 5.1% during spring wage negotiations. Overtime wages, a key indicator of business strength, also rebounded to a 1.4% growth rate, recovering from a revised decline of 0.9% in the previous month.

Bank of Japan board member Toyoaki Nakamura stated on Thursday that the central bank must assess various data in its upcoming interest rate review. Meanwhile, Jiji Press reported on Wednesday that cautious sentiment among policymakers regarding an early rate hike has increased, adding uncertainty to the possibility of a December rate increase.

Global Gold ETFs Record Their First Monthly Outflows Since April

Global gold exchange-traded funds (ETFs) saw $2.1 billion in outflows in November, marking the first monthly outflow since April, according to the World Gold Council. Europe experienced the largest outflows, while North America was the only region to see inflows.

Total assets under management fell by 4% in November to $274 billion. Despite this, year-to-date flows for global gold ETFs remain positive at $2.6 billion. Collective holdings declined by 29 tons in November to 3,215 tons, with demand turning negative year-to-date, reflecting a drop of 11 tons.

U.S. Initial Jobless Claims Rise, but the Labor Market Remains Stable

The U.S. Department of Labor reported an increase in initial jobless claims last week. Claims rose to 224,000 for the week ending November 30, up from 215,000 in the previous week. Economists surveyed by The Wall Street Journal had expected claims to remain at 215,000.

Continuing claims decreased to 1.87 million from 1.90 million in the prior week. The data indicates a slight rise in jobless claims but an overall stable labor market. The November jobs report is expected to show a significant rebound in job growth following disruptions in October caused by hurricanes and the Boeing strike.