Business Conditions

“Existing-home sales fell again in September as reduced affordability pushes buyers out of the market. The outlook for housing is unfavorable.” ~ Robert Hughes

“Weekly initial claims fell, and the low level suggests the labor market remains solid. Rapid price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

“Single-family housing starts and permits fell again in September as demand continued to weaken. Plunging homebuilder sentiment suggests an unfavorable outlook for housing.” ~ Robert Hughes

“The industrial sector grew in September, posting record output. However, elevated price pressures, weak consumer sentiment, and an aggressive Fed tightening cycle remain risks. Caution is warranted.” ~ Robert Hughes

“Payrolls posted gains in September, but the pace has been slowing. Mixed signs for the labor market, sustained price pressures, and an aggressive Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes

“Weekly initial claims rose, but the low level suggests the labor market remains solid. Rapid price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

“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

“Private-sector job openings fell sharply, and layoffs rose, adding to the evidence of a weakening economy. The outlook remains highly uncertain.” ~ Robert Hughes

“Light-vehicle sales rose in September but remained well below pre-pandemic ranges. Inventory also rose, and car prices showed a decline.” ~ Robert Hughes