The most recent sign of inflation that could encourage the Federal Reserve to decrease interest rates, is labor costs rising at a slower pace. It appears that economic growth is slowing down after 10 years of expansion. Manufacturing in the Midwest has declined for a second month and is now at its lowest level in years. The Employment Cost Index (ECI) has increased by just 0.7 percent for two consecutive quarters.
See "U.S. wage inflation moderate; Midwest manufacturing slumps", Lucia Mutikani, Reuters, July 31, 2019