Part 9/13:
Recent economic data paint a picture of resilience. The PMI for the US services sector rose to 54.8 in October, with new business demand climbing and business activity expanding at a solid 54.3%. Despite some softness in international demand and employment metrics, overall US economic momentum remains robust.
Private sector employment added 42,000 jobs in October, far exceeding the predicted decline. Wage growth at 4.5% suggests increased consumer spending power, which supports continued economic expansion. Consumer-focused companies like McDonald's, Marriott, Uber, and Live Nation reported strong earnings, further validating consumer confidence and spending resilience.