the private sector added more than twice as many jobs as forecasted last month. The elevated attention toward job growth and unemployment comes as the Fed bumps interest rates to their highest level in decades to combat inflation. Historically, inflation and unemployment have an inverse relationship, so many investors hope to see unemployment rise in the near-term, as counterintuitive as that may seem.Average hourly wages of private employees rose 0.4% to $33.58, up 4.
4% year-over-year.Wages are up 14% since June 2020, compared to an 18% rise in consumer prices over the period. Fed Chairman Jerome Powell has frequently cited wages growing at a slower pace than inflation as a primary reason behind his tightening campaign.
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: