The value of imports rose to the highest since February, while exports increased to their highest point in more than a year.

Some cracks are beginning to form in a jobs market that has been gradually normalizing, thanks to an improvement in labor supply over the past year and a tempering in the pace of hiring.

Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.

"They see an opening for no recession and a soft landing, and they think that is a risk they are willing to take."