September Services-Sector Expansion Continues, Price Pressures Ease Again
“Services-sector expansion continued in September. Labor and materials shortages are showing some signs of easing. However, signs of softening demand and concern about a weakening economy were also noted.” ~ Robert Hughes
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Private-Sector Job Openings Fell Sharply in August
“Private-sector job openings fell sharply, and layoffs rose, adding to the evidence of a weakening economy. The outlook remains highly uncertain.” ~ Robert Hughes
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Unit Auto Sales Improved in September But Remained Weak
“Light-vehicle sales rose in September but remained well below pre-pandemic ranges. Inventory also rose, and car prices showed a decline.” ~ Robert Hughes
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September Manufacturing-Sector Survey Suggests Weakening Activity and Less Intense Price Pressures
“The latest manufacturing survey shows signs of weakness and significantly less-intense price pressures. Persistently elevated price increases and an aggressive Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes
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Consumer Sentiment Remained Weak in September
“Consumer sentiment was essentially unchanged in September and remains at recessionary levels. Inflation expectations fell to a 12-month low, but consumer uncertainty about the outlook remains elevated.” ~ Robert Hughes
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Labor Market Remains Tight as Initial Claims Fall Again
“Declining weekly initial claims suggest the labor market remains solid. However, persistently elevated rates of price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes
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New Single-Family Home Sales Jump in August, but Headwinds Intensify
“New-home sales bounced higher in August, but inventories rose again. Elevated prices and surging mortgage rates reduce affordability and are likely to weaken future demand.” ~ Robert Hughes
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Consumer Confidence Rose Again in September, but Risks Remain
“Consumer confidence improved in September, and inflation expectations eased slightly. An aggressive Fed tightening cycle, elevated price pressures, and the fallout from Russian aggression in Ukraine remain risks for the economic outlook.” ~ Robert Hughes
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Real Nondefense Capital-Goods Orders Remain in a Flat Trend
“Real manufacturers’ new orders trend growth remains weak. Rising prices, Fed policy tightening, and global turmoil sustain elevated risks.” ~ Robert Hughes
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Consumer Inflation Expectations Fell and Sentiment Edged Higher in Early September
“Consumer sentiment edged higher in early September but remains at recessionary levels. Inflation expectations fell to a 12-month low, but consumer uncertainty about the economy rose.” ~ Robert Hughes
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Industrial Output Fell, but Manufacturing Output Rose Slightly in August
“Manufacturing output rose slightly in August. However, elevated price pressures, weak consumer sentiment, and an aggressive Fed tightening cycle remain risks. Caution is warranted.” ~ Robert Hughes
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Real Core Retail Sales Fell in August, Trend Growth Is Weak
“Real core retail sales fell in August, and the recent trend growth is weak. Threats to the economy remain significant, and risks remain elevated. Caution is warranted.” ~ Robert Hughes
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