Inflation Remains Elevated as Price Index Rises in September; Job Market Stays Tight

Consumer price index increases 0.4% in September, shelter costs account for over half the rise.

Core CPI gains 0.3%; rises 4.1% year-on-year.

Weekly jobless claims unchanged at 209,000.

Tight labor market and still-strong demand suggest rates could stay elevated.

UAW strike poses upside inflation risk and downside growth risk.