U.S. Economic Indicators

Monday, October 12, 2026 edition · the two most recent releases for every indicator, consensus vs. actual, each linked to its primary source. Market data as of Oct 9, 2026 close.

Download PDFOpen PDFUpdated every Monday
Nonfarm payrolls · Sep
+29K
vs +90K consensus; 2-mo rev. −60K
Initial claims · Wk 10/3
197K
vs 200K consensus
ISM Services · Sep
54.9
vs 55.0 consensus; prices 74.0
UMich sentiment · Oct (P)
46.3
vs 47.6 consensus
S&P 500
7,811.54
+14.1% YTD
10-yr Treasury
5.22%
+104 bp YTD

The week in one paragraph

A quiet week of data kept the same picture: firing is low, hiring is slow, and prices are the worry. Initial jobless claims slipped to 197K (200K expected), while continuing claims edged up to 1.716M. ISM services eased to 54.9 from 55.4, a hair under the 55.0 consensus, but its prices-paid index jumped to 74.0. Households are feeling it: preliminary October sentiment fell to 46.3 (47.6 expected) as year-ahead inflation expectations rose to 4.7%, and August consumer credit grew just $8.3B against $15B expected, with revolving balances down $4.8B. The 30-yr mortgage rate climbed to 7.40%. Stocks shrugged it off: the S&P 500 is up 14.1% YTD, with the 10-yr at 5.22%.

On deck

  • Tue 10/13CPI, September
  • Wed 10/14PPI, September
  • Thu 10/15Retail sales, September
  • Tue 10/20Housing starts & permits, September
  • Wed 10/28FOMC decision (Oct 27–28 meeting)
  • Thu 10/29GDP Q3 advance; personal income & outlays, Sep

Market Sentiment
Market sentiment

Two gauges of investor mood. The AAII Sentiment Survey asks individual investors each week whether they expect stocks to be higher (bullish), about the same (neutral) or lower (bearish) in six months. CNN's Fear & Greed Index combines seven market signals into a 0–100 score.

Why it matters: Sentiment is often read as a contrarian signal: extreme bearishness or fear has historically come near market lows, and extreme bullishness or greed near highs. It describes mood, not a forecast.

AAII investor survey · week ending 10/7Bullish
BullishNeutralBearishBull–bear
This week40.3%20.8%39.0%+1.3 pts
Long-term avg.37.5%31.0%31.5%+6.0 pts

AAII Sentiment Survey

CNN Fear & Greed · Oct 9
45Fear
0 Extreme fear100 Extreme greed

CNN Fear & Greed Index

Sentiment describes investor mood, often read as a contrarian signal; it is not a forecast.

Labor Market

Prior periodLatest period
IndicatorPeriodCons.ActualPeriodCons.ActualNotesSource
Initial Jobless Claims (000s)
Initial Jobless Claims (000s)

The number of people who filed a first-time claim for state unemployment benefits in the week, published every Thursday by the Department of Labor.

Why it matters: The most timely read on layoffs. A sustained rise usually shows up before a weakening in the monthly jobs report. Lower is better.

Wk 9/26200197Wk 10/3200197Consensus: Reuters; wk 9/26 rev. to 199K; 4-wk avg 198KDOL ETA
Continuing Claims (000s)
Continuing Claims (000s)

The number of people still receiving unemployment benefits after their first week, reported with a one-week lag to initial claims.

Why it matters: Shows how easy it is for laid-off workers to find new jobs. Rising continuing claims mean people are staying unemployed longer. Lower is better.

Wk 9/19—1,701Wk 9/26—1,716Wk 9/19 rev. to 1,699KDOL ETA
ADP Private Employment (000s)
ADP Private Employment (000s)

Monthly change in private-sector jobs estimated by payroll processor ADP from its clients' payroll data, released two days before the government jobs report.

Why it matters: An early, independent read on hiring. It often differs from the official payrolls number, so markets treat it as a preview rather than a forecast.

Aug4738Sep7090Consensus: Reuters; Aug rev. to +36KADP NER
Nonfarm Payrolls (000s)
Nonfarm Payrolls (000s)

The monthly change in the number of U.S. jobs outside farming, from the Bureau of Labor Statistics' survey of employers (the Employment Situation report, usually the first Friday of the month).

Why it matters: The single most market-moving economic release. It drives expectations for Fed policy, consumer spending and growth. Earlier months are revised, so the Notes show revisions.

Aug55162Sep9029Aug rev. to +133K, Jul to −10K; net −60K revisionBLS CES
Private Payrolls
Nonfarm Payrolls (000s): Private Payrolls

The part of the payrolls change that comes from private businesses, excluding federal, state and local government jobs.

Why it matters: Shows whether hiring is coming from the business sector, which reflects demand, rather than from government.

Aug45127Sep8546Consensus: LSEG; Aug rev. to +89KBLS CES
Manufacturing Payrolls
Nonfarm Payrolls (000s): Manufacturing Payrolls

The monthly change in factory jobs, from the same BLS employer survey.

Why it matters: A gauge of the goods-producing economy, which is sensitive to interest rates, trade and the business cycle.

Aug—16Sep109Consensus: LSEG; Aug rev. to +15KBLS CES
Unemployment Rate
Unemployment Rate

The share of the labor force (people working or actively looking for work) who are unemployed, from the BLS household survey.

Why it matters: The headline measure of labor-market slack and one half of the Fed's mandate. Lower is better, although a very low rate can add to wage and price pressure.

Aug4.1%4.1%Sep4.1%4.2%Consensus: FactSet; U-6 7.6%; participation 61.8%BLS CPS
UMich Consumer Sentiment
UMich Consumer Sentiment

An index of how households feel about their finances and the economy, from the University of Michigan's monthly survey. A preliminary reading comes mid-month and a final reading at month-end.

Why it matters: Mood can lead spending. The survey also reports households' inflation expectations, which the Fed watches closely.

Sep (F)47.648.1Oct (P)47.646.3Cons.: Oct Bloomberg, Sep Reuters; 1-yr infl. exp. 4.7%, long-run 3.5%UMich SCA
JOLTS Job Openings (000s)
JOLTS Job Openings (000s)

The number of unfilled job openings at the end of the month, from the BLS Job Openings and Labor Turnover Survey. It is released with about a two-month lag.

Why it matters: Measures employers' demand for workers. Openings well above the number of unemployed signal a tight labor market and upward pressure on wages.

Jul7,3007,271Aug7,2257,079Consensus: Reuters; Jul rev. to 7,335KBLS JOLTS

Personal / Household Sector

Prior periodLatest period
IndicatorPeriodCons.ActualPeriodCons.ActualNotesSource
Consumer Credit ($B)
Consumer Credit ($B)

The monthly change in outstanding consumer debt, covering revolving credit (credit cards) and nonrevolving loans (auto and student loans), from the Federal Reserve's G.19 release.

Why it matters: Shows how much households are borrowing to spend. Strong growth can support spending, but it can also signal strain when incomes are not keeping up.

Jul11.318.1Aug15.08.3Consensus: Bloomberg; Jul rev. to $17.7B; revolving −$4.8BFed G.19
Personal Income (MoM)
Personal Income (MoM)

The monthly percentage change in all income households receive (wages, business income, interest, dividends and government benefits), from the Bureau of Economic Analysis.

Why it matters: Income growth is what funds future spending. Comparing it with spending shows whether households are saving or drawing down savings.

Jul0.2%0.4%Aug0.5%0.2%Jul rev. to +0.3%; saving rate 4.1% (Aug)BEA PI&O
Personal Spending (MoM)
Personal Spending (MoM)

The monthly percentage change in consumer spending on goods and services (personal consumption expenditures) in dollar terms, from the BEA.

Why it matters: Consumer spending is about two-thirds of U.S. GDP, so this is the main engine of growth.

Jul0.1%0.2%Aug0.9%0.9%Jul rev. to +0.1%; real PCE +0.6% (Aug)BEA PI&O
Retail Sales (MoM)
Retail Sales (MoM)

The monthly percentage change in sales at stores, online retailers and restaurants, from the Census Bureau's advance estimate. It is not adjusted for inflation.

Why it matters: The earliest monthly read on consumer demand for goods. Strong retail sales support growth, but they can also keep inflation elevated.

Jul0.1%−0.6%Aug0.8%1.2%Strongest month since MarchCensus MARTS
Ex Auto & Gas
Retail Sales (MoM): Ex Auto & Gas

Retail sales excluding auto dealers and gas stations, which are the two most volatile categories.

Why it matters: Strips out swings from car sales and gasoline prices to show the underlying trend in consumer demand.

Jul—−0.2%Aug—1.2%Ex-autos Aug +1.4% vs +0.6% est.Census MARTS

Industrial & Manufacturing Sector

Prior periodLatest period
IndicatorPeriodCons.ActualPeriodCons.ActualNotesSource
Industrial Production (MoM)
Industrial Production (MoM)

The monthly percentage change in real output of U.S. factories, mines and utilities, from the Federal Reserve's G.17 release.

Why it matters: Tracks the goods side of the economy. It is cyclical and often turns before the broader economy does.

Jul0.3%0.2%Aug0.3%0.0%Mfg output −0.3% in Aug, first drop of 2026Fed G.17
Capacity Utilization
Capacity Utilization

The share of the industrial sector's potential output that is actually being used, from the Federal Reserve.

Why it matters: High utilization means little spare capacity, which can lead to more investment and price pressure. Low utilization signals slack.

Jul—76.3%Aug—76.3%Fed G.17
Durable Goods Orders (MoM)
Durable Goods Orders (MoM)

The monthly percentage change in new orders for goods meant to last three years or more, such as machinery, aircraft and appliances, from the Census Bureau.

Why it matters: A forward-looking gauge of business investment and manufacturing. It swings with lumpy aircraft orders, so the Notes show the ex-transportation figure.

Jul0.5%1.1%Aug−0.3%0.0%Jul rev. to +0.9%; ex-transport +0.3% vs +0.6% est.Census M3
Factory Orders (MoM)
Factory Orders (MoM)

The monthly percentage change in new orders for all manufactured goods, durable and nondurable, from the Census Bureau's full factory report.

Why it matters: Broadens the durable-goods picture. Rising orders point to more production in the months ahead.

Jul0.6%0.9%Aug0.1%0.1%Consensus: Reuters; Jul rev. to +0.8%Census M3
ISM Manufacturing PMI
ISM Manufacturing PMI

A monthly survey index of purchasing managers at manufacturers, from the Institute for Supply Management. It covers new orders, production, employment, deliveries and inventories.

Why it matters: A reading above 50 means manufacturing is expanding; below 50 means it is contracting. It is one of the earliest monthly reads on the business cycle.

Aug55.254.6Sep55.054.5Prices paid 77.9 (Aug 71.1)ISM
ISM Services PMI
ISM Services PMI

The services-sector version of the ISM survey, covering businesses such as retail, finance, healthcare and hospitality.

Why it matters: Services are most of the economy. Above 50 means expansion. Its prices-paid component is watched as an early signal on services inflation.

Aug54.155.4Sep55.054.9Prices paid 74.0 (Aug 72.6)ISM
NFIB Small Business Optimism
NFIB Small Business Optimism

An index of how small-business owners view the economy, sales, hiring and credit, from the National Federation of Independent Business. It is benchmarked so that 1986 = 100.

Why it matters: Small firms employ nearly half of private-sector workers. The index's long-run average is about 98, so readings above that signal confidence.

Jul97.599.8Aug99.398.7Still above 52-yr avg of 98NFIB
Leading Economic Index (MoM)
Leading Economic Index (MoM)

The Conference Board's composite of ten forward-looking indicators, including jobless claims, new orders, building permits, the stock market and the yield curve.

Why it matters: Designed to signal turning points in the business cycle. Several months of declines have historically come before recessions.

Jul—0.2%Aug—−0.1%First decline since MarchConference Board
Construction Spending (MoM)
Construction Spending (MoM)

The monthly percentage change in the value of new construction put in place (residential, commercial and public), from the Census Bureau.

Why it matters: Reflects investment in buildings and infrastructure, which is sensitive to interest rates and feeds directly into GDP.

Jul0.0%−0.5%Aug0.0%0.9%Consensus: Reuters; Jul rev. to −0.1%Census C30

Housing Market

Prior periodLatest period
IndicatorPeriodCons.ActualPeriodCons.ActualNotesSource
NAHB Housing Market Index
NAHB Housing Market Index

A monthly survey of home builders' confidence in the market for new single-family homes, from the National Association of Home Builders. It runs from 0 to 100.

Why it matters: Above 50 means more builders see conditions as good than poor. It is an early read on new home construction and sales.

Aug3335Sep3432One-year low; 38% of builders cutting pricesNAHB
Housing Starts (000s)
Housing Starts (000s)

The number of new homes on which construction began, at a seasonally adjusted annual rate, from the Census Bureau.

Why it matters: Housing is a key rate-sensitive sector. Starts drive construction jobs and spending on materials and furnishings.

Jul1,3451,239Aug1,3201,275Census NRC
% Month over Month
Housing Starts (000s): % Month over Month

The percentage change in housing starts from the previous month.

Why it matters: Shows the direction and momentum of new construction. Monthly moves are volatile, so the trend matters more than any single month.

Jul—−12.4%Aug—−2.6%Census NRC
Building Permits (000s)
Building Permits (000s)

The number of permits issued for new homes, at a seasonally adjusted annual rate, from the Census Bureau.

Why it matters: Permits come before starts, so they are a leading indicator of future home construction.

Jul1,3751,443Aug1,4081,394Census NRC
% Month over Month
Building Permits (000s): % Month over Month

The percentage change in building permits from the previous month.

Why it matters: Shows momentum in builders' plans for the months ahead.

Jul—5.0%Aug—−2.7%Census NRC
Existing Home Sales (mil.)
Existing Home Sales (mil.)

Closed sales of previously owned homes, at a seasonally adjusted annual rate, from the National Association of Realtors.

Why it matters: The bulk of the housing market. It reflects affordability, mortgage rates and household mobility. The Notes show the median sale price.

Jul4.054.06Aug3.983.98Median price $429,100 (+1.6% YoY)NAR
% Month over Month
Existing Home Sales (mil.): % Month over Month

The percentage change in existing home sales from the previous month.

Why it matters: Shows momentum in resale housing activity.

Jul—−1.7%Aug—−2.0%NAR
Pending Home Sales (MoM)
Pending Home Sales (MoM)

The monthly change in the National Association of Realtors' index of signed contracts on existing homes that have not closed yet.

Why it matters: Contracts close in one to two months, so this leads existing home sales.

Jul0.3%−2.3%Aug−0.6%0.3%Consensus: Reuters; −4.7% YoYNAR
New Home Sales (000s)
New Home Sales (000s)

Sales of newly built single-family homes, at a seasonally adjusted annual rate, from the Census Bureau. Sales are counted when the contract is signed.

Why it matters: A timely read on demand for new construction. It is volatile and heavily revised.

Jul620607Aug618684Jul rev. to 643K; fastest pace of 2026Census NRS
% Month over Month
New Home Sales (000s): % Month over Month

The percentage change in new home sales from the previous month.

Why it matters: Shows momentum in demand for new homes. Large swings are common, so look at the trend.

Jul—−10.5%Aug—6.4%Jul rev. to −4.3%Census NRS
Case-Shiller 20-City (YoY, NSA)
Case-Shiller 20-City (YoY, NSA)

The year-over-year change in the S&P Cotality Case-Shiller index of home prices in 20 major U.S. metro areas. It tracks repeat sales of the same homes and is reported with about a two-month lag.

Why it matters: The benchmark for home-price trends. Home prices affect household wealth, affordability and the shelter component of inflation.

Jun—2.1%Jul—2.5%Jun rev. to 2.2%; national +1.9% YoYS&P DJI
Freddie Mac 30-Yr Mortgage
Freddie Mac 30-Yr Mortgage

The average rate on a 30-year fixed-rate mortgage for borrowers with strong credit, from Freddie Mac's weekly Primary Mortgage Market Survey, published on Thursdays.

Why it matters: The key cost of buying a home. It follows the 10-year Treasury yield and drives housing affordability and refinancing activity.

10/1—7.28%10/8—7.40%15-yr 6.73%; 30-yr 6.30% a year agoFreddie Mac PMMS

Inflation

Prior periodLatest period
IndicatorPeriodCons.ActualPeriodCons.ActualNotesSource
CPI (MoM)
CPI (MoM)

The monthly percentage change in the Consumer Price Index, the Bureau of Labor Statistics' measure of prices paid by urban consumers for a basket of goods and services. Seasonally adjusted.

Why it matters: The most-watched inflation gauge. It moves bond yields and Fed expectations. Lower is better.

Jul0.1%0.1%Aug0.4%0.4%Gasoline +3.9% in AugBLS CPI
CPI (YoY)
CPI (YoY)

The percentage change in the Consumer Price Index over the past 12 months, not seasonally adjusted. This is the headline inflation rate.

Why it matters: The inflation rate people hear about. The Fed's goal is about 2% inflation, measured by PCE, which usually runs a little below CPI.

Jul3.4%3.4%Aug3.3%3.4%Aug YoY consensus: FactSet medianBLS CPI
Ex Food & Energy (MoM)
CPI (YoY): Ex Food & Energy (MoM)

'Core' CPI: the monthly change in consumer prices excluding food and energy, which are volatile.

Why it matters: A better signal of underlying inflation trends. The Fed and markets focus on core.

Jul0.2%0.2%Aug0.2%0.3%BLS CPI
Ex Food & Energy (YoY)
CPI (YoY): Ex Food & Energy (YoY)

Core CPI over the past 12 months, excluding food and energy.

Why it matters: Shows persistent inflation pressure without swings in gas and grocery prices.

Jul2.5%2.5%Aug2.4%2.4%Lowest since Mar-2021BLS CPI
PPI Final Demand (MoM)
PPI Final Demand (MoM)

The monthly percentage change in the Producer Price Index for final demand, which measures prices received by U.S. producers for goods, services and construction. From the BLS.

Why it matters: Measures inflation at the wholesale level, which can pass through to consumer prices.

Jul0.2%0.0%Aug0.4%0.4%Jul revised to +0.1%BLS PPI
PPI Final Demand (YoY)
PPI Final Demand (YoY)

The Producer Price Index for final demand over the past 12 months, not seasonally adjusted.

Why it matters: Shows the trend in business input and selling costs. A rise can squeeze profit margins or be passed on to consumers.

Jul4.9%4.7%Aug5.3%5.4%Energy +24% YoYBLS PPI
Ex Food & Energy (MoM)
PPI Final Demand (YoY): Ex Food & Energy (MoM)

'Core' PPI: the monthly change in producer prices excluding food and energy.

Why it matters: Filters out commodity swings to show underlying pipeline inflation.

Jul0.3%0.2%Aug0.3%0.2%BLS PPI
Ex Food & Energy (YoY)
PPI Final Demand (YoY): Ex Food & Energy (YoY)

Core PPI over the past 12 months.

Why it matters: The underlying trend in producer prices.

Jul4.2%4.2%Aug4.6%4.6%BLS PPI
Core PCE (YoY)
Core PCE (YoY)

The 12-month change in the Personal Consumption Expenditures price index excluding food and energy, from the Bureau of Economic Analysis.

Why it matters: The Federal Reserve's preferred inflation gauge. Its 2% inflation target is measured on PCE. Lower is better while inflation is above target.

Jul—3.3%Aug3.3%3.0%Consensus: LSEG; Jul rev. to 3.0%; headline 3.4% (Aug)BEA PI&O
Core PCE (QoQ SAAR)
Core PCE (QoQ SAAR)

Core PCE inflation for the latest quarter, expressed as a seasonally adjusted annual rate, from the BEA's GDP report.

Why it matters: Shows the recent pace of underlying inflation, which reacts faster than the 12-month rate.

Q1—4.4%Q2—3.6%Current vintage; Q2 advance print was 3.4%BEA NIPA

Real GDP (QoQ SAAR)
Real GDP, GDPNow, ULC and ECI

Real GDP is the inflation-adjusted value of all goods and services the U.S. produces, reported by the BEA as a quarterly percentage change at an annual rate (SAAR). GDPNow is the Atlanta Fed's model estimate of the current quarter before the official number is released.

Why it matters: The broadest measure of economic growth. Two negative quarters are often, though not always, associated with recession. Unit labor costs and the Employment Cost Index track labor costs that feed inflation.

Q1Q2Q3Q4
20250.1%4.0%3.9%0.2%
20262.5%2.2%——

GDPNow Q3 2026: 3.6%
Unit labor costs (SAAR) — Q1 2026: 1.3% · Q2 2026: 1.2%
ECI (QoQ) — Q1 2026: 0.9% · Q2 2026: 0.9%

Real GDP, QoQ SAAR, current vintage (incl. 2026 annual update). 2026 Q2 = third estimate (Sep 30). GDPNow = Atlanta Fed nowcast as of Oct 8.

BEA · Atlanta Fed · BLS

Forecasts & Targets
Forecasts & Targets

Growth forecasts from the IMF's World Economic Outlook and, from public press coverage, Morgan Stanley's S&P 500 and earnings targets.

Why it matters: Shows where major forecasters expect growth and markets to head. Targets are opinions, not data.

IMF GDPU.S.World
20262.3%3.0%
20272.2%3.4%

July 2026 WEO Update

MS S&P 500, YE 20268,000
MS S&P 500, mid-20278,300
MS EPS 2026E / 2027E$339 / $380
P/E on MS 2026E22.9x

Targets set May 13, 2026. Per public press reporting of Morgan Stanley research; MS GDP and 10-yr targets are not publicly reported — confirm against internal research before client use.

IMF WEO · public press coverage of MS Research

Markets
Markets

Levels and price returns (excluding dividends) for major U.S. and international stock indexes, plus 10- and 30-year Treasury yields, measured from the end-2025 close.

Why it matters: Shows how markets are pricing the economic data. Rising yields raise borrowing costs across the economy.

Level2025YTD
S&P 5007,811.5416.4%14.1%
Dow Jones51,654.9513.0%7.5%
NASDAQ Comp.27,366.1720.4%17.7%
EAFE (EFA)$103.4027.0%7.7%
Emerging Mkts (EEM)$66.8030.8%22.1%
End-2025NowChg
10-Yr Treasury4.18%5.22%+104 bp
30-Yr Treasury4.84%5.60%+76 bp

Price returns. Treasury yields: end-2025 vs Oct 8, 2026 (constant maturity).

FRED · U.S. Treasury

Method. Actual = value as first published on release day (ALFRED vintage), cross-checked against the agency release. Later revisions appear in Notes. Consensus = Bloomberg survey median as reported in First Trust Data Watch; Dow Jones, LSEG, Reuters or FactSet where noted or where Bloomberg is not public. Where only a published forecast range exists, the range is shown (source in Notes). “—” = no public consensus. Green = better than consensus; rust = worse (for inflation, claims and unemployment, lower is better). Not investment advice.

Past editions

  1. October 19, 2026PDF
  2. October 12, 2026PDF
  3. October 5, 2026PDF
  4. September 30, 2026PDF
  5. September 23, 2026PDF