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Separate data also point to a further easing in many costs faced by firms.

Today's report gives the Fed room to pause rate hikes tomorrow.

In light of the latest figures, net exports will subtract an estimated 2.5 percentage points from second-quarter GDP.

"The Fed is regaining their inflation credibility, slowly. As they get inflation closer to the target, their long-run rate will again serve as a credible anchor for yields."

Some leading indicators suggest a recession is coming, while other indicators suggest the economy is healthy. Whatever the FOMC does next week, messaging will be crucial.

An overview of the ins and outs of compromise.