Table 2 Changes in Price Levels (September 2025)
12-Month % Change
1-Month % Change
Consumer Price Index (1982 - 84 = 100) Core CPI (CPI Less Food and Energy)
3.0 3.0
0.3 0.3
Personal Consumption Expenditures Price Index
N/A N/A
N/A N/A
Producer Price Index (PPI)
Description: • Consumer Price Index: Measures the average monthly change in the price of a representative basket of goods and services bought by consumers. • Core CPI (CPI less food & energy): Measures the average monthly change in prices for a typical basket of goods, excluding food and energy. • Personal Consumption Expenditures Price Index (PCE): Captures monthly changes in price levels over a wider range of consumer expenditures that account for changes in consumer behavior. • Producer Price Index (PPI): Measures the average change in selling prices received by domestic producers for their output. Output includes intermediate goods along with final goods and services. Analysis: • The 3.0% annual increase in the CPI in September shows an increase from the 2.3% yearly low figure in April. • The annual increase in Core CPI of 3.0%, which excludes the highly volatile sectors of food and energy, similarly shows an increase from the lows in Spring of this year. • Numbers for the Personal Consumption Expenditures Index and the Producer Price Index were not available at the time of publication because of the shutdown.
Table 3 National Employment Indicators (Third Quarter) 2024 Third Quarter
2025 Third Quarter
Unemployment Rate
4.1
4.4
Labor Force Participation Rate Employment-Population Ratio
62.7 60.1
62.4 59.7
Description: • Unemployment Rate: The number of unemployed as a percentage of the labor force. • Labor Force Participation Rate: The percentage of the population that is either working or actively looking for work. • Employment-Population Ratio: The share of the total population that are employed. Analysis: • The unemployment rate inched up in September from August’s 4.3% reading. • Both the labor force participation rate and employment-population ratios have decreased modestly since last year, perhaps reflecting an increase in baby boomer retirements. Note: The Bureau of Labor Statistics will not be issuing October unemployment rate numbers because the shutdown precluded the collection of survey data from households (bls.gov).
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Center for Business and Economic Insight
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