The number of small firms raising prices fell to the lowest level since March 2021 | CNN Business

The share of respondents who reported higher prices dropped by three points last month to 29%, “still a very inflationary level but trending down,” the report showed. The drop was partly due to declining commodity prices, according to Kieran Clancy, senior US economist at Pantheon Macroeconomics, in an analyst note, but it also signals a “material downshift” in core services inflation excluding rents “over the next year or so,” he said.

Employers added 209,000 jobs in June, a strong gain but much weaker than the prior month’s. Wage growth was flat last month and the unemployment rate edged down. Most Fed officials expect two more quarter-point rate increases this year, according to their latest set of economic projections, and a hike later this month seems likely.

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