Institutional investment managers are becoming more cautious, with 42% saying they became more risk-averse in the second quarter, up from 35% in the first quarter, a survey of 100 managers in June by Northern Trust found.

Nonetheless, nearly three-quarters, 72%, are optimistic about the prospects for job growth and a majority, 56%, expect corporate earnings to continue growing in the short term. Forty-six percent said they expect gross domestic product growth to accelerate in the second half of the year, up from 39% in the first quarter.

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