WASHINGTON — The American job market likely cooled last month while still remaining fundamentally healthy, which would be welcome news for the Federal Reserve in its drive to fully tame inflation.
That said, economists been repeatedly predicting that the job market would lose momentum in the face of high interest rates engineered by the Fed, only to see the hiring gains show unexpected strength. The economy has added a healthy average of. That’s close to the 2023 average of 251,000, though down from the sizzling gains of 2022 and 2021 as the economy roared back from COVID-19 recession.
Still, while employers might not be hiring so aggressively after having struggled to fill jobs the past two years, they aren’t cutting many, either. Most workers are enjoying an unusual level of job security. The jobs report comes as Americans are weighing the health of the economy in advance of the November presidential election. Many blame President Joe Biden for high prices that continue to squeeze their household budgets.
“Most places completely ghost me after saying they’ll get back to me quickly with a follow-up,’’ he said. “It’s been exhausting mentally, and even though I have 10 years in the marketing field, I’m struggling to find a new role. I’ve had to resort to picking up freelance gigs and part-time jobs just to have some income coming in.
If there’s one thing that American voters overwhelmingly agree on, it’s that this year’s presidential election presents a stark choice. In the latest CNN poll by SSRS, 91% of registered voters say they see important differences between President Joe Biden and former President Donald Trump, dwarfing even the 77% of voters who said last fall that there were significant divides between the Democratic and Republican parties.