October 2023 Middle Market Monitor

Employment remained strong in September with 336,000 jobs added, leading to speculation about future rate increases from the Federal Reserve. The Consumer Price Index stayed persistently high at 3.7% while core CPI inflation moderated 0.2 percentage points to 4.1% – its slowest pace since September 2021. The public markets saw a decline, with the S&P 500 decreasing 4.9%.