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.

Tomorrow's U.S. Department of Labor jobs report might "put a stamp of confirmation" on indications that the economy is very resilient—and convince the Fed to initiate another 75 bps increase in interest rates.

According to ADP, "we could be at an inflection point, from supercharged job gains to something more normal."

Despite two quarters of GDP decline, the U.S. is not currently in a recession, says the official arbiter of such things, the NBER's Business Cycle Dating Committee.

The slowdown in consumer spending, the main driver of the U.S. economy, adds to concerns about the economic outlook.

Economists don't tend to look at any given indicator in a vacuum. Instead, they consider a wide variety of data when making projections about the health of the economy.

The producer price index for final demand increased 0.8% from April, and 10.8% from a year earlier, Labor Department data showed.