U.S. stocks drift lower as investors await July inflation reading

newsworld 2022-08-09

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Economists forecast that a dip in energy prices will help headline year-over-year consumer price index for July fall from the multidecade high of 9.1% to 8.7%. A drop Monday in the New York Fed’s measure of consumer inflation expectations was taken as a positive sign, but strong wage growth data in Friday’s July jobs report and a large rise in unit labor costs in data Tuesday were a source of unease, analysts said.

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