Minutes from the Fed's July meeting showed that some Fed officials were increasingly concerned about a recession at the meeting that ended on July 30. "Some participants said they expected growth in economic activity to remain weak in the second half of the year," the minutes said. "On the household side, some participants noted that slowing real income growth may be holding back consumer spending growth," they added. Notably, these views came days before the July jobs report was released, which revised down its estimate of job gains in May and June by 258,000. So, for some officials, concerns about a recession caused by a weak labor market may have increased since the July meeting. (Jinshi)
