Tuesday, July 16, 2024
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US job Market Slowing Down as the 4.1% Unemployment Rate Rises

While U.S. employment rose significantly in June, nearly three-quarters of the payroll gain came from hiring in the government and healthcare sectors, and the unemployment rate reached a two-and-a-half-year high of 4.1%. These signs of a weakening labour market keep the Federal Reserve on track to begin reducing interest rates shortly.

The closely followed employment report from the Labour Department on Friday revealed that, in April and May, the economy added 111,000 fewer jobs than initially projected, indicating a slowdown in the payroll growth trend.

According to Scott Anderson, chief U.S. economist at BMO Capital Markets, “We now have concrete evidence of labour market cooling with a somewhat alarming rise in the unemployment rate in recent months that should give policymakers’more confidence’ that consumer inflation will soon return to the 2.0% target on a sustained basis.”

According to the Labor Department’s Bureau of Labor Statistics, government hiring contributed to a 206,000 increase in nonfarm payrolls last month. According to Reuters polled economists, payrolls increased by 190,000 last month, while the unemployment rate remained at 4.0%.

In this year’s first half, job growth has averaged roughly 222,000 per month. According to analysts, the working-age population is expected to grow by 180,000–200,000 jobs per month, accounting for the recent spike in immigration.

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Tuesday, July 16, 2024

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