U.S. jobs data and corporate earnings to test economy this week

The U.S. jobs market shows signs of stress as key employment reports and corporate earnings are released this week, coinciding with the Nov. 3 midterm elections while inflation continues to squeeze households. The Labor Department will release September job openings data Tuesday, weekly unemployment claims Thursday, and the closely-watched October employment report Friday, with economists expecting little change from September's disappointing hiring figures. The Federal Reserve faces a complicated situation as it plans another interest rate hike to cool inflation while also seeking maximum employment. Manufacturing and services reports from the Institute for Supply Management are expected to show continued expansion, though businesses face higher costs from the U.S. trade conflict and the ongoing war with Iran, which has shut down the Strait of Hormuz and driven up fuel prices. Corporate earnings from companies like Clorox, AMD, and Ralph Lauren will provide further insight into inflation impacts.