Stocks are gaining on Wall Street following two economic reports that suggest the economy is cooling enough for the Federal Reserve to pause hiking interest rates.
Stocks are gaining on Wall Street in afternoon trading following two economic reports that suggest the economy is cooling enough for the Federal Reserve to pause hiking interest rates.
Also on Tuesday, the government reported that job openings fell to the lowest level since March 2021, a larger drop than economists expected. The report also showed that the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.A strong job market has been credited as a bulwark against a recession, but it has made the Fed’s mission to tame inflation more difficult.
A key inflation update is expected on Thursday when the government reports personal consumption and expenditures for July. It is the Fed’s preferred measure for inflation and has been cooling for months. It eased to 3 per cent in June and was as a high as 7 per cent a year ago.
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