The Federal Reserve is expected to open the door to interest rate cuts as soon as September by acknowledging inflation has edged nearer to the U.S. central bank’s 2% target.
Read More Fed likely to hold rates steady one last time as inflation fight finale unfolds
U.S. retail sales were unchanged in June as a drop in receipts at auto dealerships was offset by broad strength elsewhere.
Read More US retail sales report showcases consumer, economic resilience
U.S. consumer prices fell for the first time in four years in June amid cheaper gasoline and moderating rents.
Read More Monthly US consumer prices post first drop in four years as inflation subsides
The Labor Department’s employment report also showed the economy created 111,000 fewer jobs in April and June than previously estimated.
Read More US job growth slows moderately; unemployment rate rises to 4.1%
Ebbing labor market momentum, together with abating inflation pressures, keep the Federal Reserve on track to start cutting interest rates this year.
Read More US weekly jobless claims rise as labor market gradually slows
The mixed survey also showed consumers’ perceived likelihood of a recession over the next 12 months retreated this month.
Read More US consumer confidence retreats slightly; house prices remain elevated