As price increases seem to have passed their peak, the next big question for the U.S. economy will be how far—and how fast—inflation will fall.

Private payrolls increased 235,000 last month, led by small and midsize businesses.

The resilient labor market is likely to keep the Federal Reserve tilted toward more restrictive policy in the months ahead.

The labor shortfall that has troubled employers since the pandemic hit became even more acute last month, as more Americans dropped out of the workforce.

Consumer spending and business investment are proving resilient, but the biggest contributor to GDP is the volatile net exports category.

However, there's still a long way to go before high inflation becomes history.

After a decrease in open positions in August, which many took to mean labor demand was easing, September vacancies rose to 10.7 million.

Core inflation, excluding food and energy, jumped to a 40-year high of 6.6% in September from a year ago.