November 2022 Middle Market Monitor

Economic indicators continued to show a shifting economic picture in October. The unemployment rate increased by 3.7 percent, indicating a volatile labor market. The national median list price for homes weakened for the ninth month in a row as mortgage rates increased to 6.9%. Likely due to consistently increasing prices, consumer confidence decreased after back-to-back monthly gains. While inflation continues to increase, October inflation was more moderate than anticipated. The Federal Open Market Committee implemented another 75-basis point increase to interest rates, making it the fourth increase this year.