Overall, the economy has proven resilient and remains strong.
- Gas prices have been slowly rising mainly due to OPEC (Organization of the Petroleum Exporting Countries) cutting petroleum production by one million barrels per day.
- Russia and Saudi Arabia also extended their production cuts through the end of the year.
- We may also experience temporary gas price increases due to Florida hurricanes, but as long as major refineries are not impacted, prices should bounce back.
- Inflation rose less than expected over the last month by just 0.2% to the current rate of 3.2%.
- Employment and job openings have dropped resulting in the unemployment rate rising to 3.8%.
- Because the inflation rate remains higher than the Federal Reserve would like (3.2% compared to 2%), two more interest rate increases are expected. The Stock Market was down at the beginning of the month due to the latest interest rate increase, but the Market is now back up.
- July CPI report shows inflation gauge rose 3.2%, less than expected
- Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000
- Oil prices settle at 10-month high as Saudi, Russia extend supply cutsThe market may be primed for the Dow to lead with the debt ceiling resolved
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