Business Conditions

“Light-vehicle sales fell in November following a rise in inventory and drop in prices in October.” ~ Robert Hughes

“Payrolls gains beat expectations in November, but the pace appears to be slowing. Mixed signs for the labor market, sustained price pressures, and an aggressive Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes

“The latest manufacturing survey suggests broadening weakness and falling price pressures for manufacturers. The outlook remains highly uncertain. Caution is warranted.” ~ Robert Hughes

“Weekly initial claims fell, but the rising trend in the four-week average and increasing job cut announcements are a warning. Rapid price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

“Private-sector job openings fell in October but remain high, suggesting continued resilience. However, the outlook remains highly uncertain.” ~ Robert Hughes

“Headline real GDP growth was revised higher in the third quarter, but domestic demand remained weak. Caution is warranted.” ~ Robert Hughes

“Consumer confidence fell again in November with consumer expectations at recessionary levels. An aggressive Fed tightening cycle, elevated price pressures, and the fallout from the Russian war in Ukraine remain risks for the economic outlook.” ~ Robert Hughes

“Consumer sentiment fell in November and remains at recessionary levels. Inflation expectations ticked down, and long-run expectations remain well anchored.” ~ Robert Hughes

“Weekly initial claims rose to the highest level since August, and job cut announcements rose in October. Rapid price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

“New-home sales rose in October, but so did prices and inventory. High prices, bloated inventory, and elevated mortgage rates suggest a poor outlook.” ~ Robert Hughes