Share on linkedin Construction workers in Kyle, Texas earlier this month. Photo: Jordan Vonderhaar/Bloomberg via Getty Imagesis cooling off. The unemployment rate ticked up to 4.1%, the highest since November 2021.
Job gains in the past two months were weaker than initially known: The Labor Department said there were a combined 111,000 fewer jobs added in April and May. Average hourly earnings, a gauge of how quickly pay is rising, were up 0.3% in June and up 3.9% compared to the same time last year.at a two-decade high for nearly a year, is watching the labor market closely for signs of weakness.
Fed officials say they want further proof that inflation is definitively dissipating before cutting interest rates. But the state of the labor market will factor into that decision, too."We are well aware that if we go too soon, that we can undo the good work we've done in bringing down inflation," Fed chair Jerome Powell
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