Consumer price inflation in October weakened after the decline in crude oil prices dragged down the overall inflation rate, overwhelming the rise in shelter and transportation costs.
The Federal Reserve left its key short-term lending rate range unchanged for the second time in a row but left the door open for another rate hike to cool inflation to its target rate.
The U.S. economy accelerated its expansion in the third quarter to an annual pace not seen since the fourth quarter of 2021. Consumers accelerated spending following increases in real wages, a stock market rebound, and a jump in home prices.
Retail and food services sales, seasonally adjusted but not for inflation, edged higher in September from the previous month and from a year ago indicating resilient consumer spending despite high inflation and several rate hikes.
Consumer price inflation on an annual basis advanced in September and matched the pace in August and the increase in housing prices drove half of the inflation in the month. Core inflation dropped to the lowest level in two years.
The measure of wholesale inflation eased in September from the previous month but accelerated for the third month in a row after gasoline prices rebounded.
The U.S. economy added jobs at the fastest pace in September since January after employers in hospitality and healthcare and governments at all levels added jobs above annual rates.
The U.S. international trade deficit dropped to the lowest level since March 2020 after exports rose to a five-month high and imports fell on weaker demands for cell phones, semiconductor chips and petroleum products.
The number of job openings rebounded in August and the openings rose in professional and business services, financial services and federal, state and local governments.
Manufactured durable goods orders advanced in August, and increased in five of the last six months and shipments increased in three of the last four months. Non-defense capital goods orders excluding aircrafts rebounded after declining in the previous month.
The Federal Reserve left the fund funds rate range unchanged for the second time in a row but left a door open for another rate hike before the year's end.
