The latest figures from the Bureau of Labor Statistics come after the private sector reported a sharper than expected rise in hiring in June. That said, it is unlikely to stop the Fed from hiking rates again later this month”. In a note to investors, Capital Economics said the 209,000 rise “suggests labour market conditions are finally beginning to ease more markedly. “That’s Bidenomics - growing the economy by creating jobs, lowering costs for hardworking families, and making smart investments in America.”īut the news is unlikely to deter the Fed from raising rates again this month. “We are seeing stable and steady growth,” Biden said in a statement. President Joe Biden hailed the latest hirings figures. Wages rose 4.4% in June from a year earlier.Īt an annual rate of 4%, US inflation remains twice as high as the Fed’s target and some economists have raised fears the central bank’s steep rate hikes could trigger job losses and a recession. The Fed chair, Jerome Powell, has indicated that the central bank will likely raise rates again this month after announcing a pause in June. The US job market has remained robust despite the Federal Reserve’s aggressive attempts to slow the economy and tamp down inflation with more than a year of interest rate hikes.
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