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Item Detail - Economic Trends Tracker – October 2022

Economic Trends Tracker – October 2022
Economic Trends Tracker – October 2022
NAMA’s Economic Trends Tracker is a monthly dashboard that contains key data on economic trends impacting the convenience services industry and the broader U.S. economy.

The October dashboard shows the continuation of several important and potentially conflicting trends in the economy. The labor market, as measured by job growth, openings, and the unemployment rate, remains squarely in “healthy” territory. Thanks to a solid labor market, consumers — the largest component of GDP — are still spending at a healthy clip. However, inflation has worsened, and because prices are rising so quickly consumers are seeing their purchasing power fall, which will eventually put upward pressure on financial stress. High and rising prices are also still evident in costs for key inputs to the convenience services industry, though some easing of supply chain constraints could provide a degree of near-term relief. Elsewhere, measures of mobility mostly remain elevated as the holiday season nears. Finally, the Conference Board’s Leading Economic Index has declined on a year-over-year basis for two months in a row, which in past business cycles has been a reliable signal of a recession in the coming 6-12 months.

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