In the months-long saga of Elon Musks decision to buy Twitter everyone had to guess the future of free speech on the platform with the Tesla billionaire at the helm. 

Some believed that Musks declarations about free speech and promises that he would allow former President Donald Trump back on the platform would only unleash the kind of pile-ons and misinformation that the company has tried so hard to rein in. 

Immediately following the news that Musk had closed his Twitter deal on Oct. 27, several outlets reported an almost instant increase in hate speech on the platform. 

Those reports were confirmed yesterday, when Twitters head of safety and integrity, Yoel Roth, who deals with content moderation on the social media platform, wrote that the platform had experienced a surge in hateful conduct.

In a series of tweets, Roth said that his team had brought the issue under control by nearly eliminating the impressions on such content, a gauge for user engagement on Twitter.

Were primarily dealing with a focused, short-term trolling campaign. The 1500 accounts we removed dont correspond with 1500 people; many are repeat bad actors, Roth wrote.

Twitter did not immediately return Fortunes request for comment.

Many handles posted hateful tweets, racist memes and slurs. Following the news about Musks Twitter purchase last week, the use of a particular racial slur was up 1,300%, Bloomberg reported. Anti-Semitic tweets also saw a sudden surge at the same time.

Despite his ambitions to promote free speech on Twitter, Musk tweeted last Thursday that he would not turn the platform into a free-for-all hellscape. He said a day later that he plans to form a content moderation council with widely diverse viewpoints, which will make critical decisions on both content and accounts, but later clarified that no changes had been made to the existing policies at Twitter.

Despite Twitters content policies being an active topic of discussion over the past week, Musk himself tweeted out a conspiracy theory linked to the attack on Nancy Pelosis husband last Friday.

The social media giant suspended some employees access to content moderation and policy enforcement tools, Bloomberg reported this week. As the company undergoes an ownership transition, it has brought in a range of measures to prevent employees from rolling out changes to the app.

Roth responded in a tweet to this report saying, This is exactly what we (or any company) should be doing in the midst of a corporate transition to reduce opportunities for insider risk.

All these developments on hate speech and content policies have raised questions about how moderation will be enacted in the lead-up to the midterm elections on Nov. 8. During the 2020 elections, Twitter labeled posts associated with the election outcome to indicate that the content was disputed to prevent the spread of false information.

From certain angles, the nations economic picture looks like a healthy one.

But the scene is being photo-bombed by an unsightly intruder: Chronically high inflation. Surging prices are straining family budgets and inflicting hardship on the most economically disadvantaged households. Whats more, the Federal Reserves drive to tame inflation through much higher interest rates is raising the risk of a recession by next year.

With voting underway in the midterm congressional elections that culminate next week, many Americans are gloomy about the outlook for the economy and their own finances encouraging news for Republicans who hope to regain control of Congress and ominous news for President Joe Bidens congressional Democrats. A poll conducted in early October by The Associated Press-NORC Center for Public Affairs Research found that 46% of people felt their personal financial situations were poor, up from 37% who said so in March.

Americas economy is in a confusing place 2 years after COVID-19 upended business as usual. The brief but deep recession that erupted in the spring of 2020 was swiftly followed by an explosive recovery that overwhelmed global supply chains, causing shortages of goods and labor and fueling price pressures that have yet to ebb. What remains is an unusual blend of crushing inflation and a robust job market.

The data, said economist Megan Greene of the Kroll Institute, is all over the map.

Many workers have received decent pay raises from employers who are desperate to attract and keep staffers. But higher prices are wiping out those pay gains. Adjusted for inflation, hourly pay fell 3% in September from a year earlier the 18th straight monthly drop.

Wage growth isnt keeping pace, Greene said. Its great that people have jobs. But their standards of living are being whittled by inflation.

Heres a closer look at the economys vital signs, which are sending mixed signals to policymakers, businesses, forecasters and voters:

The overall economy

Perhaps no economic barometer has been as head-scratching as the gross domestic product the economys total output of goods and services. After surging 5.9% last year, the best mark since 1984, GDP fell into a funk in the first half of this year. It shrank at a 1.6% annual rate from January through March and then by 0.6% from April through June.

The first-half economic contraction was caused by factors that didnt really reveal much about the health of the underlying economy. The decline was driven by a drop in companies inventories, a cyclical development that often reverses itself soon after, and a surge in imports, which reflected Americans keen appetite for foreign goods.

Last week, the government reported that GDP returned to growth in the July-September quarter, expanding at a solid 2.6% annual rate.

Yet the new picture wasnt entirely cause for celebration. Consumer spending, which accounts for about 70% of U.S. economic activity, weakened last quarter: It rose at just a 1.4% annual rate, down from a 2% rate in the April-June period.

The entire third-quarter increase in GDP could be attributed to a jump in exports and lower imports, which together added nearly 2.8 percentage points of growth. That performance isnt likely to be repeated. A stronger dollar has made American goods pricier overseas. And Russias war against Ukraine has contributed to a weakening global economy and lower demand for U.S. goods.

If you look under the hood on those third-quarter figures, Greene said, it suggests that it wasnt that strong, and we cant expect it to continue.

The economic outlook is also darkening as the Fed steadily jacks up interest rates. Since March, the central bank has raised its benchmark rate five times, including three straight hefty three-quarter-point hikes. Its expected to do so again on Wednesday and in December.

The Feds policymakers have been aiming for a soft landing raising rates enough to slow growth and bring inflation toward its 2% annual target without triggering a recession in the process. Most economists, though, doubt it can be done. They foresee a recession beginning sometime in 2023.

Inflation

One reason for widespread skepticism about the Feds ability to stick a soft landing is that inflation is proving harder to defeat than policymakers had expected. The result is that more and larger rate hikes than originally envisioned will likely be required.

In September, the governments consumer price index rose a higher-than-expected 0.4% from August and 8.2% from a year earlier. Worse, so-called core inflation, which strips out volatile food and energy costs to better assess price pressures, climbed 6.6% from a year earlier. That was the biggest such jump in 40 years.

Whats more, high inflation is hardly confined to the United States. In the 19 countries that share the euro currency, for example, prices soared 9.9% in September from a year earlier. The Russian invasion of Ukraine has driven up energy prices and disrupted food supplies.

In the United States, inflation has not only stayed high but has broadened from the goods sector of the economy to the much larger service sector a vast area that includes everything from air fares, auto insurance and medical care to hotel rates, apartment rents and restaurant meals. Problem is, the farther inflation spreads, the harder it is to control.

Jobs

The job market is the clear star of the American economy.

Employers have shrugged off surging prices, rising interest rates and fears of a coming recession and just kept hiring. After adding a record 6.7 million jobs last year, the economy has tacked on a robust monthly average of 420,000 so far this year. The unemployment rate in September, 3.5%, matched a half-century low.

Still, the employment market is cooling. Job gains have slowed for two straight months to 263,000 in September from 315,000 in August and 537,000 in July.

Employers posted 10.7 million job openings in October, the government reported Tuesday. That was up from 10.3 million, though down from a peak of 11.9 million in March. By historical standards, those figures were uncommonly high: For 15 straight months, openings have topped 10 million, a level they had never reached before 2021.

Americans are also enjoying extraordinary job security. Employers are shedding a monthly average of fewer than 1.4 million workers on pace to surpass last year for the fewest layoffs in government records dating to 2001. The job market, though, is expected to deteriorate as the Feds rate hikes begin to bite.

Consumers

American consumers, the lifeblood of the economy, have proved resilient through the ups and downs of the COVID economy. Their spending has both driven a strong recovery and ignited inflationary pressures.

Though higher prices have sapped their spending power, and the federal relief checks of 2020 and 2021 are long gone, Americans have kept spending, though at a moderating pace. Consumer spending rose 0.3% from August to September, even after accounting for inflation, the government reported.

It isnt certain that consumers can keep it up. They have collectively used up much of the savings they amassed during pandemic, though their finances are still relatively strong, and are increasingly turning to credit cards. The U.S. savings rate has declined.

Its clear that the economy is slowing, Krolls Greene said. The question is how quickly. And the other question is, at what point businesses and consumers feel like they need to retrench. And thats more a question of psychology than it is of economics.

For now, businesses and consumers have enough cash on hand to keep on spending. They dont have to cut back right away:

But they might do so anyhow because theres all this talk of a downturn coming and given theres so much uncertainty in the economy.

Housing

The Feds rate hikes have already claimed a victim: Americas housing market is reeling under the strain of drastically higher mortgage rates.

The average rate on a 30-year fixed mortgage, which was just 3.14% a year ago, topped 7% last week for the first time since 2002. Sales of existing homes have fallen for eight straight months.

The GDP report showed that housing investment plunged at a 26% annual pace from July through September. And housing construction in September was down 8% from a year earlier.

Home prices are still rising, supported by a limited number of houses on the market. But price increases are decelerating. The S&P CoreLogic Case-Shiller index of home price in 20 U.S. cities rose 13% in August from a year earlier. Still, that marked a slowdown from a 16% year-over-year gain in July.

As higher mortgage rates continue to derail home sales, Oxford Economics predicts, the news on housing is only going to get worse from here.

Manufacturers

Americas factories are still expanding. But the outlook is dimming.

A manufacturing index issued Tuesday by the Institute for Supply Management, an organization of purchasing managers, showed that factories have been growing for 29 straight months. Still, the index fell in October to its lowest level since May 2020, when the economy was still struggling under the weight of COVID-forced business shutdowns. New orders, new export orders and hiring all contracted.

Likewise, the government reported last week that orders for long-lasting manufactured goods (excluding the volatile transportation sector) fell 0.5% in September.

That report does not bode well, wrote Kathy Bostjancic, chief U.S. economist at Oxford Economics. Factory-produced goods will likely be weakened by the higher dollar and stagnant economies overseas.

Bostjancic warned that the U.S. economy will likely weaken in the October-December quarter and slide in recession in the first half of 2023.

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