Charlotte EBCS: Fourth Quarter 2025 Report
November 03, 2025 / RERI Research Team
Headline numbers for the US economy suggest the economy continues to grow at a sluggish pace. The labor market showed mixed signals, with the number of unemployed people (7.4 million) increasing above the number of job openings (7.2 million) for the first time since April 2021. Inflation measured by the Consumer Price Index (CPI) increased at a 3.0 percent annualized rate in September, and the Core Personal Consumption Expenditure (PCE) registered a 2.7 percent increase from last year in August. With inflation somewhat elevated and softer job growth, the Federal Open Market Committee (FOMC), which has a dual mandate of stable prices and maximizing employment, began cutting the federal funds rate in the third quarter and currently stands at 3.75-4.00. However, with little data to guide decisions and raising uncertainty, Chairman Powell pointed to a cautious approach moving forward. Their next meeting is in December, but there is still uncertainty on data availability and the ability to have an accurate reading on the economy.