The Independent Market Observer

Economic Release Snapshot: Hiring Remains Strong in October

Posted by Sam Millette

This entry was posted on Nov 7, 2022 8:31:12 AM

and tagged In the News

Leave a comment

Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

Reports for the Week of October 31

ISM Manufacturing, October (Tuesday)

  • Expected/prior ISM Manufacturing index: 50.0/50.9
  • Actual ISM Manufacturing index: 50.2
Manufacturer confidence declined slightly less than expected during the month; however, the index now sits at its lowest point since mid-2020, which signals headwinds for the manufacturing industry.

FOMC rate decision (Wednesday)

  • Expected/prior federal funds rate upper limit: 4.0%/3.25%
  • Actual federal funds rate upper limit: 4.0%

The Fed hiked the federal funds rate 75 bps at its November meeting, which was in line with expectations. Fed Chairman Jerome Powell indicated that the central bank will likely hike at its upcoming meeting in December and into 2023.

ISM Services, October (Thursday)

  • Expected/prior ISM Services index: 55.3/56.7
  • Actual ISM Services index: 54.4

Service sector confidence fell more than expected during the month, but the index remained in expansionary territory despite the decline.

Employment report, October (Friday)

  • Expected/prior monthly job growth: 193,000/315,000
  • Actual monthly job growth: 261,000
  • Expected/prior unemployment rate: 3.6%/3.5%
  • Actual unemployment rate: 3.7%

More jobs than expected were added in October, and the September report was also revised upward. The unemployment rate increased more than expected during the month yet remained low on a historical basis.

Upcoming Reports for the Week of November 7

Consumer Price Index, October (Thursday)

The Consumer Price Index report is set to show continued inflationary pressure, with headline prices set to rise 0.7 percent in October.

University of Michigan consumer sentiment, November preliminary (Friday)

Consumer sentiment is set to decline modestly during the month, which would break a fourth-month streak of improving confidence.

Subscribe via Email

New call-to-action
Crash-Test Investing

Hot Topics

New Call-to-action



see all



The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

Third-party links are provided to you as a courtesy. We make no representation as to the completeness or accuracy of information provided on these websites. Information on such sites, including third-party links contained within, should not be construed as an endorsement or adoption by Commonwealth of any kind. You should consult with a financial advisor regarding your specific situation.


Please review our Terms of Use

Commonwealth Financial Network®