Market perspectives

Despite softer job creation and cautious hiring, the labor market remains stable, with low unemployment and jobless claims supported in part by a shrinking labor force, rather than strong hiring demand.

A broad swathe of recent economic “hard data” has painted a mixed picture, but business surveys show that steady services sector expansion is now being supplemented with a better manufacturing backdrop.

Retail sales fell well short of expectations as consumers continued to absorb the impact of elevated inflation despite low unemployment and solid wage gains.