An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late September.
, and fewer Americans are quitting their jobs to seek better opportunities. Both trends ease the pressure on companies to raise pay to find and keep workers — a move that tends to perpetuate inflation as employers raise prices to offset their higher labor costs.
The inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the better-known consumer price index. Earlier this month, the government reported thatFed Chair Jerome Powell underscored the tricky dynamics surrounding the economy and inflation inlast week at an annual conference of central bankers in Jackson Hole, Wyoming. He stressed that the Fed would “proceed carefully” as it considers its next moves.
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