CARY, NC, July 9, 2024-

Macroeconomic Overview: The U.S. labor market is showing signs of slowing.  Although the latest headline number for job growth came in above expectations, updates significantly lowered figures for previous months.  In addition, the unemployment rate is trending higher, while wage growth is decelerating.

At the same time, the latest readings on inflation describe slower rates for price increases.  The “core” price deflator, which is the index most closely tracked by the Federal Reserve (core excludes energy and food), fell to +2.6% year-over-year in May.  The central bank’s official target for this measure is two percent.  One year ago, the reading was +4.0%.  At its peak in June 2022, it was +7.1%.

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