An employee checks on orders to prepare at a Portillo's restaurant in Chicago, Sept. 27, 2022.showed pronounced signs of a slowdown last month, a government report on Friday showed. The fresh data elicited predictions from some economists that hiring could stall by the middle of next year.
"The job market slowed meaningfully in October," Julia Pollak, chief economist at ZipRecruiter, said in a statement on Friday, adding that the assessment was backed by "all of the key indicators." Lydia Boussour, a senior economist at consulting firm EY, dubbed the job market's recent performance an "autumn chill."
The slowdown in hiring last month still amounts to robust job gains. Moreover, in some key sectors, such as health care and government, jobs added in October exceeded the average monthly gains over the past year. Some economists said it remains unclear whether the significant slowdown last month is a one-off blip or a wider trend.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, at the Federal Reserve in Washington, D.C., July 26, 2023.The jobs data arrives two days after the Federal Reserve opted tointerest rates unchanged despite stubborn inflation that has fallen from a peak last summer but stalled in recent months at level well above the central bank's target.
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