April 17, 2024 12:57 pm





US Economy Flourishes with 209,000 Fresh New Jobs Amidst Slower Hiring Pace

Hiring in the United States slows, signaling cooling economy

Hiring in the United States has slowed down, according to the Labor Department’s latest report released on Friday. This news is seen as a much-needed signal that the American economy is cooling. It also sets the stage for an interest rate decision later this month by the US Federal Reserve.

Figures fall below expectations, providing respite for the Fed

The figures reported are below the analysts’ expectations, which provides some respite for the US Federal Reserve. The Fed is considering a return to interest rate hikes to tackle inflation that is still well above its long-term target of two percent.

Job creation slows, unemployment rate remains low

Last month, the US added 209,000 jobs, down from a revised figure of 306,000 in May, according to the Labor Department. Despite this decline, the unemployment rate edged down to 3.6 percent, remaining close to historic lows.

MarketWatch survey falls short, but interest rate hike still expected

The survey conducted by MarketWatch predicted 240,000 new jobs, but the actual number fell short. However, analysts still believe that the Fed is unlikely to hold off another interest rate hike at its upcoming meeting.

Wages continue to rise, labor market remains strong

Although job growth is easing, average hourly earnings increased by 0.4 percent month-over-month and have risen 4.4 percent on an annual basis. The labor market is still very strong, wages are rising at a healthy pace, and the unemployment rate remains low.

Joe Biden hails jobs report as evidence of “Bidenomics”

US President Joe Biden sees the jobs report as evidence of his economic policies at work. He stated, “Our economy added more than 200,000 jobs last month—for a total of 13.2 million jobs since I took office. That’s more jobs added in two and a half years than any president has ever created in a four-year term.”

Fed likely to resume interest rate hikes

Despite the slowdown in job creation, minutes published earlier this week from the Fed’s last rate decision showed that some members supported another hike in June to tackle high inflation. Experts believe that the likelihood of the Fed returning to interest rate hikes is high, with a raise in July seen as almost certain.

Overall, while hiring in the United States has slowed down, the labor market remains robust, wages continue to rise, and the Fed is expected to resume its campaign of interest rate hikes in the near future.

Source: AFP

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