Most economists expect hourly wage growth would have to fall to an annual rate of about 3.5 per cent to be consistent with meeting the Fed’s 2 per cent inflation target.
Despite the slowdown in the latest data, June’s headline jobs growth remained higher than the pre-pandemic average. Hiring was particularly strong in the healthcare, social work and construction industries, but slipped in the retail sector. Friday’s data was not enough to convince investors that the Fed would change course, with futures markets still pricing in a more than 90 per cent chance of a rate increase at its next meeting in late July.
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