Nonfarm payrolls rose 187,000 after the prior two months were revised significantly lower, a Bureau of Labor Statistics report showed Friday. The unemployment rate rose to 3.8%, partly reflecting a pickup in labor-force participation, and average hourly earnings rose just 0.2%, marking the most tepid increase since February 2022.
Fed Chair Jerome Powell said last week at the Kansas City Fed’s conference in Jackson Hole, Wyoming, that inflation remained too high, and central bankers were prepared to tighten more if necessary. The Fed raised its benchmark rate in July to a range of 5.25% to 5.5%, a 22-year high, and their most recent projections had one more rate increase penciled in for 2023.
“The Fed is seeing a supply-side response, with a stronger labor market pulling people in,” said Brett Ryan, a senior US economist at Deutsche Bank AG. But “the Fed is still likely to kind of keep that threat of another hike out there,” he said.
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:
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.
Another drop in job vacancies, another sign the labour market is coolingWith help wanted signs vanishing, the Bank of Canada may now have more room to hold interest rates steady next week
Source: globeandmail - 🏆 5. / 92 Read more »
Fed's Mester says job market remains strong despite some signs of coolingBy Michael S. Derby NEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said on Friday that the U.S. labor market remains ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Stock market today: Wall Street opens higher following signal that labor market is coolingNEW YORK (AP) — Stocks are opening higher on Wall Street after a closely watched report showed that the job market, while still healthy, has been showing some signs of cooling.
Source: SooToday - 🏆 8. / 85 Read more »
Stocks mixed after PCE data signals cooling inflation: Stock market news todayStocks are eyeing a fifth straight day of gains after the Fed's preferred inflation gauge signaled a softening in pressures.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Lana Payne: 'New order' in labour market gives workers an edgeAs Unifor makes headlines over negotiations with automakers and grocer Metro Inc., the president of Canada’s largest private sector union says the country’s workers have a window opportunity to seek better working conditions.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Shanghai Gives More Homebuyers First-Time Status to Boost MarketShanghai lowered mortgage requirements for some homebuyers following central government guidance, loosening barriers for property ownership in one of the country’s most prized locations.
Source: BNNBloomberg - 🏆 83. / 50 Read more »