![]() ![]() Kevin Dietsch/Getty ImagesĪhead of two key inflation reports, what would a soft landing look like exactly?ĭespite the economy holding steady, optimism among small businesses isn’t back to where it was before the pandemic. Eccles Federal Reserve Board Building is seen on Septemin Washington, DC. Consumer spending picked up in June by 0.5%, following a more moderate pace of growth in the prior four months. Gross domestic product, the broadest measure of economic output, grew at an annualized rate of 2.4% in the second quarter, faster than the 2% rate in the first three months of the year. Openings still dwarf the level of unemployed people seeking work, pointing to a persistent imbalance in the labor market.Īt the same time, the broader economy has remained on a strong footing. ![]() Employers added 187,000 jobs in July, the second-weakest monthly gain this year, while job openings fell in June to their lowest level in more than two years. The US job market has cooled gradually this year, which the Federal Reserve wants to see as it continues to fight inflation. “Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.” “With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” said Bill Dunkelberg, the NFIB’s chief economist, in a release. Of owners hiring or trying to hire, 92% reported few or no qualified applicants for their available jobs, also unchanged from the prior month. There weren’t many improvements in July when it came to hiring, with 42% of owners saying they had job openings that were hard to fill, unchanged from June. Robert Nickelsberg/Getty ImagesĪmericans continue to feel better about inflation and the economy People shop for fresh vegetables at a Trader Joe's supermarket in South Burlington, Vermont, on July 6. ![]()
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