The pullback in inflation expectations was broad across demographic groups.
Thirteen services industries reported growth in November.
The bank's economists are predicting a "shallow" recession sometime during the latter three quarters of 2023.
Even as recession looms, many consumers are willing to splurge on what they missed at the height of the pandemic.
“My view is that the Fed has probably done enough already," Nobel laureate economist Paul Krugman said.
The level of jobless claims reinforces what Fed Chair Jerome Powell describes as an “overheated” jobs market.
Hiring at U.S. companies rose in October by more than forecast.
The report adds to evidence of growing global recession concerns.
The net share of owners raising prices fell 2 percentage points to 51%, the lowest in a year.
Hiring is still expected to weaken as the Federal Reserve continues to aggressively raise interest rates.
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