In Portugal, Federal Reserve Chair Jerome Powell expressed optimism about the progress made in reducing inflation during a roundtable discussion at a European Central Bank conference. Powell highlighted the decrease in the Personal Consumption Expenditures (PCE) price index since its peak in June 2022, despite some fluctuations in the first quarter of this year. Despite this, inflation has continued to trend downwards and is moving closer to the central bank’s 2% target. Powell emphasized the importance of being confident that inflation is sustainably moving towards 2% before making any changes to monetary policy.
Looking ahead, this week is expected to provide insight into the labor market with the release of two highly anticipated reports. The ADP private employment report will be released soon, followed by the Bureau of Labor Statistics employment report on Friday. Economists anticipate that employers added 200,000 jobs last month, with the unemployment rate remaining at 4%. This projection is lower than May’s job growth of 272,000 jobs.
Surprising economists, job openings remained relatively stable in May, with 8.1 million job openings reported. This resilience in the labor market was unexpected but viewed positively as hires, quits and layoffs also saw little change. A strong labor market provides the Federal Reserve with more time to evaluate the economy’s trajectory before making any changes to interest rates.
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