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Monthly US consumer prices post first drop in four years as inflation subsides

U.S. consumer prices fell for the first time in four years in June amid cheaper gasoline and moderating rents.

The Nasdaq and the S&P 500 hit record highs on Monday, while the Dow scaled a more than one-month high as investors awaited a key inflation report.

The Labor Department’s employment report also showed the economy created 111,000 fewer jobs in April and June than previously estimated.

Ebbing labor market momentum, together with abating inflation pressures, keep the Federal Reserve on track to start cutting interest rates this year.

The mixed survey also showed consumers’ perceived likelihood of a recession over the next 12 months retreated this month.

U.S. retail sales barely rose in May, suggesting that economic activity remained lackluster in the second quarter.