- Annual headline CPI inflation fell 70 bps to 3.5% in June, as annual energy price inflation moderated 780 bps to 15.7%. Annual core inflation fell 30 bps to 2.6%.
- Producer prices moderated in June with Final Demand PPI falling 100 bps to 5.5% YoY.
- The Federal Reserve held rates steady for a fourth consecutive meeting in June. The current target range stands at 3.5–3.75%.
- US job growth slowed to 57K in June. Despite downward revisions, three-month average job growth was more robust at 111K.
- Annual wage growth rose 10 bps to 3.5% in June. Over the last three months, wages rose 3.1% (annualized).
- Average 30-year mortgage rates hovered near 6.5% in June, with the spread to the 10-Year UST remaining near the long-term average.
* Latest data available.
After peaking in 2022, job openings, hires, and quits have all trended lower, reflecting a labor market that has cooled considerably. An uptick in openings in early 2026 has yet to translate into increased hiring activity, suggesting employers remain cautious despite lingering demand for labor.
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