A crowded calendar as voters prepare to cast ballots
The coming days bring a heavy schedule of economic releases and corporate profit updates, arriving as U.S. voters prepare to vote in the Nov. 3 midterm elections. Control of Congress is at stake, and inflation keeps pressing on family finances. The week's reports will sketch how the economy is holding up on several fronts at once.[S1][S2][S3][S4][S5][S6][S7]
Employment has been one of the economy's sturdier pillars even as rising prices strain budgets. Several releases will test that resilience, covering job openings, layoffs and October hiring across sectors ranging from healthcare and retail to manufacturing.[S1]
Job openings, claims and the October hiring report
On Tuesday the Labor Department issues its September Job Openings and Labor Turnover Survey, which tracks vacancies and separations across industries including healthcare, retail and manufacturing. Openings have moved within a fairly narrow band this year, and economists anticipate a modest increase in the new figures.[S1]
Thursday brings the weekly count of unemployment benefit claims, a rough gauge of layoffs. Friday's monthly employment report will then detail how much employers hired in October. Economists foresee hiring barely shifting from September's weak reading, and past months have already been revised downward, removing jobs from earlier tallies.[S1]
A softer labor market complicates the Federal Reserve's task. The central bank is widely expected to lift its benchmark rate once more before the year ends to restrain inflation, yet it is also charged with pursuing maximum employment, and rate increases that damp growth tend to weigh on hiring.[S1]
Manufacturing and services keep expanding, costs dominate
Monthly surveys from the Institute for Supply Management have indicated the broader economy continues to grow, and that modest expansion is expected to have carried into October. The manufacturing reading is due Monday, with the services report, which carries more economic weight, following on Wednesday.[S1]
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The surveys also capture what businesses say about operating conditions, and elevated costs have been their leading worry. Firms describe added strain on operations and planning from inflation tied to a volatile U.S. trade conflict with much of the world and to oil prices pushed up by the U.S. war with Iran.[S1]
That conflict, under way since February, has effectively closed the Strait of Hormuz and curtailed worldwide oil shipments. Fuel costs have jumped as a result, raising the price of moving goods from food to clothing, and rising fuel expenses are the principal source of the inflation households and businesses now face.[S1]
Earnings season adds detail on prices and AI
Quarterly results from travel, technology and apparel companies will add texture to the wider economic picture, with forecasts for the remainder of the year and beyond. Nearly half of S&P 500 companies have already reported, and Wall Street currently looks for overall profit growth of 30%.[S1]
Clorox, known for bleach and other household staples, reports Monday. Advanced Micro Devices and Super Micro Computer follow Tuesday, as does online travel firm Booking Holdings, with rival Expedia reporting Wednesday. Apparel and accessories companies Tapestry and Ralph Lauren report Thursday.[S1]
