U.S. inflation easing, job market similar to pre-pandemic conditions, Fed report says

Inflation is easing and the job market has returned to the “tight but not overheated” situation seen before the COVID-19 pandemic threw the U.S. economy into disarray, the Federal Reserve said on Friday in a congressional report that documented the steady emergence of more normal conditions in the aftermath of the health crisis.

The job market, meanwhile, “continued to rebalance over the first half of this year,” the report noted. “Labor demand has eased, as job openings have declined in many sectors of the economy, and labor supply has continued to increase, supported by a strong pace of immigration.” The twice-yearly report to Congress comes ahead of two days of testimony by Fed Chair Jerome Powell, set for Tuesday and Wednesday next week, that is likely to focus on the Fed’s plans for monetary policy heading into a sensitive election season.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'No crystal ball' into when Fed will cut rates: Boston Fed Pres.Yahoo Finance Reporter Jennifer Schonberger sits down with Boston Fed President Susan Collins for an exclusive interview to discuss the potential for rate...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nvidia inches higher as S&P 500, Nasdaq hold near recordsGrowing conviction for Fed rate cuts has buoyed megacap techs, injecting life into stocks more broadly.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »