02:32 PM EDT, 10/22/2024 (MT Newswires) -- The IMF's updated World Economic Outlook indicated steady global economic recovery at 3.2% through the end of 2025 but noted uncertainties in the outlook. Expected growth in the United States was revised higher from the previous estimate in July.

The Philadelphia Fed's services reading rose to 6.0 in October from minus 6.1, while the Richmond services reading rose to 3 from minus 1. The ISM's services reading is due to be released on Nov. 5.

The Richmond Fed's manufacturing index rose to minus 14 in October from minus 21 in September. Other regional manufacturing data already released have been mixed. The ISM's manufacturing index is set to be released on Nov. 1.

State-level data from the BLS showed that the unemployment rate rose in five states in September, fell in one state and held steady elsewhere.

The largest unemployment rate gains were in South Carolina and Utah, where they rose by 0.2 percentage points. South Dakota had the lowest rate at 2% while District of Columbia had the highest at 5.7%. The national unemployment rate fell to 4.1% in September from 4.2% in August.

Redbook reported that US same-store retail sales were up 4.6% year-over-year in the week ended Oct. 19, slower than a 5.6% gain in the prior week due to holiday promotions such as Amazon Prime Days following the Columbus Day holiday.