Last month’s sharp slowdown in year-over-year inflation largely reflected falling gas prices, as well as milder increases in grocery costs.
Taken together, Friday’s data “will provide further support to the view that the economy is in the midst of a soft landing,” said Kathy Bostjancic, chief economist at Nationwide. The softer wage data, she suggested, “will be welcomed by Fed officials.”
The US economy is in a hopeful but precarious place: A solid job market is bolstering hiring, lifting wages and keeping unemployment near a half-century low. Yet inflation is weakening rather than rising, as it typically does when unemployment is low. That suggests that the Fed may be able to achieve a difficult , in which inflation falls toward the Fed’s 2% target without triggering a deep recession.
The latest evidence of the economy’s resilience came Thursday, when the government reported that it grew at faster than analysts had forecast and an acceleration from a 2% growth rate in the first three months of the year.
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