US Job Market Cools But Remains Resilient Amidst Economic Uncertainty

dramatically from a peak achieved during the nation's rebound from the pandemic. The unemployment rate still hovers near historic lows but has climbed markedly this year.

Economists widely acknowledge that the labor market has slowed. That trend doesn't come as a surprise after a years-long period of high interest rates, which typicallyIn 2022, the pandemic rebound triggered a blazing-hot job market that saw employers add an average of nearly 400,000 jobs per month. Over a three-month period ending in August, employers added an average of about 116,000 jobs per month.

"We expected job growth at some point to slow down," Wilson said. "To me, that alone isn't cause for concern." data showed. A relatively low number of people has claimed unemployment benefits in recent weeks, suggesting few layoffs.Some economists disagreed. They pointed to a recession indicator known as the "Sahm Rule," which says that a rise of 0.5 percentage points in the unemployment rate within a 12-month period typically precedes a recession.

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