Economists say the economy needs to create at least 150,000 jobs per month to keep up with growth
WASHINGTON – US job growth likely slowed to a still-healthy pace in June, with the unemployment rate holding steady at 4%, increasing the chances that the Federal Reserve will be able to tame inflation without tipping the economy into recession.
Financial markets remain optimistic the Fed could start its easing cycle in September after aggressively tightening monetary policy in 2022 and 2023. Fed Chair Jerome Powell said this week that the economy was back on a "disinflationary path," but stressed policymakers needed more data before cutting rates.
in the working-age population, accounting for the recent surge in immigration. "Payrolls are on track to be revised downward, but we believe that's not because payrolls are over-counting but because QCEW is undercounting," said Sam Coffin, an economist at Morgan Stanley. "Because QCEW is based on UI records, it likely misses counting those who are not authorized to work. If one's not authorized to work, one also is not eligible for unemployment insurance benefits.
Excess savings accumulated during the COVID-19 pandemic have been exhausted, contributing to a slowdown in demand for both labour, goods and services. Average hourly earnings are forecast to have risen 0.3% in June after climbing 0.4% in May. That would lower the annual increase in wages to 3.9%, the smallest gain since June 2021, from 4.1% in May. Wage growth in a 3%-3.5% range is seen as consistent with the Fed's 2% inflation target.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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