Good day. Nearly three-quarters of American workers said they need additional work to make enough income due to inflation, according to a recent survey by job search website Monster.com. Some recruiters say it isn’t just blue-collar workers now seeking extra work. People in professional jobs are starting to look for additional income too, one recruiter tells The Wall Street Journal. In prior years, one of 100 white-collar professionals were looking for a second job, but now it’s one in 30, she adds. Today, many Americans go to the polls with high prices top of mind, especially for gasoline. The average price of unleaded regular gasoline has been ticking up again, reaching $3.80 a gallon on Sunday, according to AAA, a far cry from the $5 gasoline that stung drivers in June but still 38 cents higher compared with the same period last year. It is also $1.40 higher than when President Biden took office. Meanwhile, the average price of diesel hasn’t slipped below $5 a gallon for nearly a month and stockpiles of the fuel haven’t been this low since 2005, according to AAA and federal data.

Now on to today’s news and analysis.

As the holidays approach and America’s full-time workers feel pinched by inflation, some are turning to second jobs to supplement their incomes.

The October jobs report shows the number of Americans working part-time jobs in addition to their full-time jobs has increased 6%, year-over-year, to 4.5 million people, according to statistics from the Labor Department. With unemployment at 3.7%, the job market is still strong but is showing more signs of cooling. Inflation is still eclipsing wage gains, driving some full-time workers to consider getting additional part-time jobs for the first time in their working lives.

Governor of the Reserve Bank of New Zealand, Adrian Orr, has been reappointed for a further 5-year term as the head of the central bank. "Following the Reserve Bank Board's unanimous recommendation to me, I am pleased to reappoint Adrian for another five-year term, effective from March 27, 2023," New Zealand's Finance Minister Grant Robertson said in a statement Tuesday. The RBNZ has been raising interest rates aggressively this year to combat surging inflation, with financial markets expecting ongoing hikes stretching into 2023.

—Dow Jones Newswires

Time N/A: ECB Governing Council non-monetary policy meeting in Frankfurt
3 a.m.: New York Fed’s Williams speaks at ‘High-Level Conference on Global Risk, Uncertainty, and Volatility’ in Zurich
4:05 a.m.: Reserve Bank of Australia’s Bullock speaks on the economic outlook at 2022 ABE Annual Dinner
5 a.m.: ECB’s Elderson at Euro-Mediterranean Economists Association event
10 a.m.: U.S. wholesale trade report for September
11 a.m.: Richmond Fed’s Barkin speaks on economic outlook at Shenandoah University School of Business event

7:30 a.m.: ECB’s Enria participates in De Nederlandsche Bank seminar
8 a.m.: Roundtable discussion with ECB’s Schnabel at Bank of Slovenia
8:30 a.m.: U.S. weekly jobless claims; U.S. consumer-price index for October
8:35 a.m.: Dallas Fed’s Logan speaks at ‘Energy and the Economy: The New Energy Landscape’ conference
9 a.m.: Philadelphia Fed’s Harker speaks on economic outlook to Risk Management Association
11 a.m.: San Francisco Fed’s Daly in virtual fireside chat with the European Economics & Financial Centre
12:05 p.m.: Bank of Canada’s Macklem speaks on the evolution of Canadian labor markets
6:30 p.m.: New York Fed’s Williams speaks at ‘Pace Celebrates Downtown Changemakers’

The Federal Reserve is likely to reduce the pace of its interest-rate increases, but that wouldn’t mean its aggressive tightening cycle is about to end, Barclays economists say in a report. Chairman Jerome Powell last week clarified that “although the Fed was more likely to go slower, it would probably have to go higher and stay there for longer than expected earlier,” they write. They add that, “While we now expect the FOMC to hike 50bp in December, versus 75bp in our previous call, we now expect a somewhat more drawn-out hiking cycle, but with the same peak rate” of 5%-5.25%. The cycle’s last rate increase would be in March, Barclays says.

—Paulo Trevisani

• The Conference Board’s Employment Trends Index fell to 119.57 in October from a revised 120.73 in September, a sign job growth in the U.S. is likely to moderate in the months ahead as the economic outlook deteriorates. (Dow Jones Newswires)
• U.S. consumer credit rose $25 billion in September, down from a revised $30.2 billion in the prior month, the Federal Reserve said Monday. That translates into a 6.4% seasonally adjusted annual rate, down from a revised 7.8% gain in the prior month. (MarketWatch)
• The Fannie Mae Home Purchase Sentiment Index fell in October for the eighth month in a row, the agency said, as elevated home prices and mortgage rates pushed home-buying sentiment to an all-time low. Fannie Mae said its index dropped 4.1 points last month to 56.7, the lowest monthly reading since it was created in 2011. (MarketWatch)
• China's inflation likely eased in October amid softening domestic demand, according to a poll of economists by The Wall Street Journal. The consumer price index in October is likely to have increased 2.3% from a year earlier, after rising 2.8% in September. (DJJN)
• China's auto market grew more slowly in October as car production and purchases were hit by curbs to contain Covid-19 outbreaks. Passenger-car sales last month rose 7.3% from a year ago to 1.84 million vehicles, the China Passenger Car Association said Tuesday. (DJN)
• The economies of Gulf Cooperation Council nations are expected to see a boost from the upcoming FIFA World Cup, S&P Global Ratings said, noting that more than 1.2 million fans are expected to attend the tournament in Qatar. “This paves the way for Qatar to enjoy potential near-term economic gains but also highlights the logistical challenges of managing the event, which will likely lead to positive spillover effects for the rest of the GCC,” S&P said. (DJN)

This newsletter is compiled by James Christie in San Francisco.

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