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The cost of US goods and services rose at the fastest pace in six months in October, driven by a steep increase in gas prices. The producer price index (PPI) rose 0.4% last month, above market expectations of 0.3%.

Fed Chairman Jerome Powell issued statements earlier today at the Joint Economic Committee, commenting on the health of the economy and the proposed monetary policy for the near future. Powell stated that low inflation pressure and overseas weakness remain a concern, while the US economy is still on course for moderate growth.

The number of Americans applying for unemployment benefits in the week ended November 2 hit a monthly low and remain near a 5-year low, indicating ongoing strength in the labor market despite recessionary pressures. Initial jobless claims dropped 8,000 to 211,000, according to the Labor Department. The figure is slightly below expectations of 215,000.

Nonfarm productivity in the US dropped for the first time in four years, falling -0.3% annually in Q3 2019. The results are in stark contrast with the expectations of a 0.9% increase, indicating that the rise in efficiency earlier in the year was anomalous rather than trend-setting.

The ISM non-manufacturing index came in at 54.7 in October, 2.1 points higher than September’s reading of 52.6. The index shows accelerated growth in the non-manufacturing sector despite increasingly difficult economic conditions worldwide.

October saw 128,000 jobs added to payrolls, well above expectations of around 80,000. September figures were revised upward from 136,000 to 180,000, indicating ongoing strength in the labor market. However, the unemployment rate ticked upward to 3.6%, and growth in the working-age population is shrinking.