October 2022 Middle Market Monitor

Economic indicators continued to send mixed signals in September. The unemployment rate fell to 3.5%, a 29-month low, indicating a tight labor market. The national median list price for homes declined, as mortgage rates increased to over 6% for the first time since 2008. Likely due to lower gas costs, consumer confidence climbed slightly; nonetheless, the annual CPI is still above 8%. Given that inflation rate rose to its highest level since 1982, the Federal Open Market Committee implemented a 75-basis point increase to interest rates, marking the third increase this year.