the way they were a year or two ago. But they aren’t slashing jobs either, and American workers continue to enjoy an unusual degree of job security.want to see: a gradual slowdown in hiring that eases pressure on companies to raise wages — but avoids the pain of widespread layoffs.
The economy is weighing heavily on voters’ minds as they prepare for the presidential election in November. Many are unimpressed with the strong job gains of the past three years,. Two years ago, inflation hit a four-decade high. The price increases eased, but consumers are still paying 19% more for goods and services overall than they were before inflation first heated up in spring 2021., came with blemishes.
Many economists believe that today’s rising unemployment rates reveal an influx of new workers into the American labor force who sometimes need time to find work, rather than a worrisome increase in job losses. “Once you have a certain momentum going to the downside, it often can get going,’’ Sahm said. The Sahm rule, she says, is “not working like it usually does, but it shouldn’t be ignored.’’
Friday’s job report could give them some encouraging news. According to FactSet, forecasters expect last month’s average hourly wages to come in 3.7% above July 2023 levels. That would be the smallest gain since May 2021 and would mark progress toward the 3.5% that many economists see as consistent with the Fed’s inflation goal.Three Americans freed from Russian prisons under a landmark exchange deal have landed back in the US.