Milton, Inflation, & More

Week in Review: Oct. 7-11

This week was all about hurricanes and inflation data, but we also got updates on consumer optimism, small business owner pessimism, and a lot more.

Monday

TSA Checkpoint Travel Numbers

Travel volumes continue to slow, according to TSA data, and are now below 2023 levels for the first time this year. This is one of the few bearish signs for the economy right now, although I think it’s plausible that Helene and Milton, and the resulting airport closures, bear a lot of the blame.

Gas Prices & Diesel Prices

Gas prices fell to $3.26/gallon during the first week of October, the lowest price since the first week of February. Diesel prices rose to $3.58/gallon, the highest level in a month but still close to a 3-year low.

Tuesday

NFIB Small Business Optimism Index

Small business owner optimism improved slightly in September but is still below the long-term average, while small business owner uncertainty hit a new all-time high. I get that there’s a presidential election right around the corner, but come on—the outlook is far more certain than in early 2020.

Wednesday

Hurricane Milton