The jobs market is still on fire by this measure --- so don't expect Fed to back off

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The jobs market is still on fire by this measure — so don’t expect Fed to back off

A scorching U.S. jobs market caught a slight chill in August, but the Federal Reserve aims to keep raising interest rates aggressively until demand for labor cools off a lot more.

There were some signs of cooling last month. The number of new jobs created in August slipped to 315,000 from a five-month high of 526,000 in July. And wages rose at the slowest pace in four months. The number of open jobs in August won’t be available until the government’s next report in another month, but it’s unlikely to show much change. In July, there were 11.2 million open jobs. vs 5.7 million unemployed.

Hourly pay has risen at a 5.2% rate in the past 12 months, more than double the average annual increase in the decade before the pandemic. The central bank rate hikes are aimed at slowing the economy and reducing business demand for labor to help alleviate inflation.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Labor market added 315,000 jobs in August, a bright spot in the economy20 months of straight job growth…let me tell you why this is terrible for the democrats and Biden US Great country ❤️ Outstanding + Outstanding!
Source: washingtonpost - 🏆 95. / 72 Read more »