Federal Reserve officials would welcome a more modest rate of job growth. The central bank has raised itsin an aggressive drive to conquer high inflation. Fed officials have said they think strong hiring can often fuel inflation if companies feel compelled to raise pay to attract and keep workers. These companies typically pass on their higher labor costs to their customers by raising prices.
Slower hiring could suggest that the job market is moving toward a more sustainable balance after two years of gangbusters gains that followed the economy’s explosive rebound from the 2020 pandemic recession.from January through March, after 2.6% annual growth from October through December and 3.2% from July through September.
The number of people who are quitting their jobs — a sign of confidence in the employment market — has dropped back to near pre-pandemic levels. Companies have also shed temporary employees for the past three months, evidence that labor demand has begun to ebb.
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