b'YOUR TOOLKIT FOR BUILDING EXCELLENCEMake Your Move Investor UpdateWhile inflation is beginning to ease,September bolstered its reputation for overall pricing will still be elevated in 2023market pain this year. The S&P 500 closed relative to recent years . If your businessthe month down 9.3% from August, is consumer-facing, make sure you havemarking the sixth-sharpest month-to-options to cater to a more price-consciousmonth drop of the last 30 years. Be on the consumer. lookout for shifting trends within sectors as inflation begins to ease.ITR Economics Long-Term View2022 2023 2024SLOWING GROWTH SLOWING GROWTH GROWTHLeading Indicator Snapshot4Q2022 1Q2023 2Q2023ITR Leading IndicatorITR Retail Sales Leading IndicatorUS OECD Leading IndicatorUS ISM PMI (Purchasing Managers Index)US Total Industry Capacity Utilization RateDenotes that the indicator signals cyclical rise forDenotes that the indicator signals cyclical declineN/Athe economy in the given quarter. for the economy in the given quarter.KEY TAKEAWAYS The ITR Leading Indicator moved lower in September, signaling ongoing business cycle decline for the US industrial sector into thesecond quarter of 2023. General decline in the US OECD Leading Indicators growth rate signals decline for the US Industrial Production growth rate into at leastthe first half of next year, in line with our outlook. Downward movement in the ITR Retail Sales Leading Indicator corroborates our expectation for further growth-rate decline in US TotalRetail Sales.continued on page: 22 FRAME BUILDER - NOV2022 / 21 ITReconomics.com 2022 All Rights Reserved'