The Independent Market Observer

Economic Release Snapshot: Unemployment Falls in September

Posted by Sam Millette

This entry was posted on Oct 10, 2022 9:07:35 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 3

ISM Manufacturing, September (Monday)

  • Expected/prior ISM Manufacturing Index: 52.0/52.8
  • Actual ISM Manufacturing Index: 50.9

Manufacturer confidence declined by more than expected in September, driven by a slowdown in manufacturing new orders and employment.

International trade balance, August (Wednesday)

  • Expected/prior trade balance: –$67.7 billion/–$70.5 billion
  • Actual trade balance: –$67.4 billion

The trade deficit narrowed by more than expected in August, as exports increased while imports fell. This brought the trade deficit to its smallest monthly value this year.

ISM Services, September (Wednesday)

  • Expected/prior ISM Services Index: 56.0/56.9
  • Actual ISM Services Index: 56.7

Service sector confidence fell modestly during the month yet remained in healthy expansionary territory.

Employment report, September (Friday)

  • Expected/prior monthly job growth: 255,000/315,000
  • Actual monthly job growth: 263,000
  • Expected/prior unemployment rate: 3.7%/3.7%
  • Actual unemployment rate: 3.5%

More jobs than expected were added in September, and the July and August reports were revised modestly upwards. The unemployment rate fell back to 3.5 percent during the month, matching the pandemic-era low.

Upcoming Reports for the Week of October 10

Producer Price Index, September (Wednesday)

Economists expect to see producer prices rise in September after declining in August; but, on a year-over-year basis, producer inflation is set to slow.

Consumer Price Index, September (Thursday)

Consumer prices are expected to increase modestly during the month; however, on a year-over-year basis, consumer inflation is projected to slow in September compared to August.

Retail sales, September (Friday)

Retail sales are expected to rise in September, which would mark two consecutive months of sales growth.

University of Michigan consumer sentiment, October preliminary (Friday)

Consumer sentiment is set to improve for the fourth straight month in October.


Subscribe via Email

Commonwealth 2023 Economic and Market Outlook
Crash-Test Investing

Hot Topics



New Call-to-action

Conversations

Archives

see all

Subscribe


Disclosure

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.

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.

Member FINRASIPC

Please review our Terms of Use

Commonwealth Financial Network®