Women in Business economic insights for October 2024 are critical knowledge for any woman in business, female business owner, founder, or leader to be aware of to make more informed decisions and be ready for whatever may come up further down the line. We will be updating this post with more facts and figures, as they become available. For now, read on to learn what are the three most important economic indicators in HER opinion.
The three most important economic indicators for October 2024 in the US are:
Inflation (Consumer Price Index—CPI): Inflation has been a major concern, and the CPI release on October 10th will be closely scrutinized. It will show whether inflationary pressures are easing or proving persistent, which is crucial as it significantly influences the Federal Reserve’s interest rate decisions.
Employment Situation (October 4th): The monthly jobs report provides key insights into the labor market’s health. The unemployment rate, job creation numbers, and wage growth data will be important indicators of the economy’s strength.
ISM Manufacturing PMI (October 1st): This index provides a snapshot of the manufacturing sector’s activity.
A reading above 50 indicates expansion, while below 50 signals contraction. This data point will be particularly relevant given recent concerns about manufacturing slowdowns.
Why these indicators matter:
- CPI provides a direct measure of inflation, which impacts consumer spending, interest rates, and overall economic stability.
- Employment Situation: A strong labor market usually indicates a healthy economy, while weakness can signal trouble ahead.
- ISM Manufacturing PMI: Offers insights into the manufacturing sector’s health, a key driver of economic growth.
Where to find the data:
- CPI: Bureau of Labor Statistics (BLS) website
- Employment Situation: BLS website
- ISM Manufacturing PMI: Institute for Supply Management (ISM) website
Women in Business Economic Insights are important to be aware of so you can make better, more informed decisions. Remember that these are just a few of the many economic indicators available.
We are also closely watching the PORT Worker’s strike, which officially began on October 2, 2024.
The Port Workers’ Strike involves the International Longshoremen’s Association (ILA) members who went on strike in early October 2024. Here’s a breakdown:
Who: Roughly 45,000 dockworkers across 36 ports on the East and Gulf Coasts, represented by the ILA.
Why: The main points of contention are:
- Wages: Workers are seeking significant wage increases to keep pace with inflation and the rising cost of living.
- Automation: The ILA is opposing the increasing use of automation in ports, fearing job displacement. They want guarantees and protections against job losses due to technological advancements.
Impact: This strike has the potential to significantly disrupt supply chains and impact the U.S. economy. Here’s how:
- Delays and Shortages: Cargo ships are unable to load or unload, leading to potential delays and shortages of goods. This could affect everything from consumer products to manufacturing components.
- Increased Costs: Supply chain disruptions can lead to higher prices for goods as businesses face increased transportation and logistics costs.
- Economic Impact: A prolonged strike could have a ripple effect across various industries, potentially slowing economic growth and impacting businesses of all sizes.
Current Status: As of October 3rd, 2024, the strike is ongoing. Negotiations between the ILA and the U.S. Maritime Alliance (representing port operators and shipping companies) continue, but a resolution has yet to be reached.
Key Things to Watch:
- Length of the strike: The longer it lasts, the greater the potential impact on the economy.
- Negotiation progress: Any signs of progress or setbacks in the negotiations will be closely watched.
- Government intervention: The federal government may intervene if the strike significantly threatens the national economy.
We recommend staying updated on the latest news from reputable sources to track the developments of this strike and its potential impact. Some sources we like include Bloomberg News, Forbes, The Economist, and the Wall Street Journal.
MyCity4HER.com is working very hard to provide you with informative news you can use with our Women in Business Economic Insights, if you have thoughts about the insights, or the strike, and would like your voice to be heard, contact us – put “My Opinion about October’s Economic Insights” in the Subject Line, and share your thoughts…and you may win a free lunch on us!