Nick Timiraos(@NickTimiraos):Business executives surveyed by the Cleveland Fed expect CPI inflation of 3.3% in the coming year, which is down slightly from 3.7% in Q2. They see little change in wage growth (2.8% for the coming year, vs 2.9% in last year's survey) or employment levels. Anticipated R&D spending is expected to be cooler (2.0% for the coming year, vs. 3.1% last year)

Nick Timiraos

@NickTimiraos

Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”

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Nick Timiraos@NickTimiraos

2026.08.18 14:26

Business executives surveyed by the Cleveland Fed expect CPI inflation of 3.3% in the coming year, which is down slightly from 3.7% in Q2. They see little change in wage growth (2.8% for the coming year, vs 2.9% in last year's survey) or employment levels. Anticipated R&D spending is expected to be cooler (2.0% for the coming year, vs. 3.1% last year)