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Last week’s data reinforced a familiar theme: inflation is cooling, the labor market is stabilizing, and the consumer is becoming more selective.

This week’s data offered a mix of momentum and moderation. Manufacturing activity improved, but labor indicators softened, and price pressures — especially in services — remained elevated.

Economic data released last week suggested mixed growth, with strengthening activity signals contrasting sharply with weaker consumer confidence, persistent producer level inflation, and a Fed meeting that underscored a steady policy stance amid ongoing economic uncertainty.