The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Warren Buffett’s Berkshire Hathaway Inc. disclosed its third disposal of Bank of America Corp shares this month, reducing its massive stake in the lender by more than $3 billion.
From July 25 to 29, Berkshire sold $767 million of the stock, according to a regulatory filing Monday. This, along with previous sales, decreased Berkshire's holdings by 6.9% this month. Despite the reduction, Berkshire still holds almost 962 million shares, valued at $39.5 billion at Monday’s closing price.
This marks Buffett’s largest pullback from a long-held investment that has symbolized confidence in Bank of America CEO Brian Moynihan. The stock has risen 22% this year, allowing the 93-year-old investor to cash out profitably.
Neither Berkshire nor Bank of America representatives commented on the sales.
Buffett's initial investment in 2011, during a tumultuous period for the bank following the 2008 financial crisis, included $5 billion in preferred stock and the right to buy common shares. His endorsement alleviated public doubts and increased the stock value, resulting in substantial profits for Berkshire.
Over the following decade, Berkshire continued to invest, eventually surpassing a 10% stake with regulatory approval. Last year, while adjusting other financial-industry investments, Buffett expressed his intention to retain his stake in Bank of America, praising CEO Brian Moynihan.
Key Takeaways:
- Berkshire Hathaway sold over $3 billion worth of Bank of America shares this month.
- Latest sales reduced Berkshire's stake by 6.9%.
- Despite reductions, Berkshire still holds shares worth $39.5 billion.
- Buffett initially invested $5 billion in Bank of America in 2011, supporting the bank during a challenging period.
- Stock has risen 22% this year, allowing profitable cash-out.
- Buffett previously indicated a strong preference to retain his stake in Bank of America.
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