reported Thursday. That is an extremely low level by historical data and suggests that layoffs are rare and that the unemployment rate is likely to keep trending down.
The Fed has raised interest rates several times in the past year, including a few massive hikes, in order to drive down inflation, which is running at 6.4%, according to the consumer price index. Rate hikes naturally depress economic activity and thus are expected to lead to job loss, although the labor market is seemingly defying gravity.
“If job growth is indeed as strong as the latest data suggests, then it presents a puzzle in light of other data showing a slowdown in economic activity, as well as widespread expectations of slow growth — and perhaps even a recession — in 2023,” said Preston Caldwell, chief economist at financial services firmBut recent inflation reports have made it seem less likely that the Fed will be able to take its foot off the gas anytime soon with regard to interest rates.
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