Business Conditions

“Housing activity continues to recede from the late 2020 surge but remains brisk. Rising home prices and mortgage rates will work to ease demand while secular shifts in housing preferences due to new remote work options may provide some support.” – Robert Hughes

“Industrial output fell in September as the lingering effects of Covid and Hurricane Ida restrain production. It may take some time for the effects to dissipate.” – Robert Hughes

“Job openings fell back slightly from a record high but quits remain elevated as workers take advantage of favorable labor conditions. Overall, the outlook is for continued recovery but the threats and headwinds to growth remain significant.” – Robert Hughes

“Payrolls posted another disappointing gain in September though breadth of gains in the private sector was favorable. The outlook is for continued recovery but the threats and headwinds to growth remain significant.” – Robert Hughes

“Weekly initial claims for unemployment benefits eased back after three consecutive increases. Federal continuing claims fell again following a plunge in the prior week as two pandemic programs saw additional declines.” – Robert Hughes

“The services sector expanded for the 16th consecutive month in September, but shortages of labor and materials are continuing to restrain output and sustain upward pressure on prices.” – Robert Hughes

“Light-vehicle sales fell for a fifth consecutive month in September. Component shortages continue to disrupt production causing inventories to plunge and prices to surge.” – Robert Hughes

“Demand for manufactured goods remained very strong in September. However, labor difficulties, materials shortages, and logistical issues continue to restrain supply and pressure prices.” – Robert Hughes

“Consumer sentiment remained weak in September as consumers react to Covid and high prices. The survey results suggest continued risks to the economic outlook.” – Robert Hughes