The Federal Reserve and uneasy investors got exactly what they hoped for from the nation's job market last month: a hiring report in the Goldilocks fashion.
Washington, D.C. Last month's labor market in the country met the expectations of both the Federal Reserve and anxious investors: A hiring report in the Goldilocks fashion.
The growth of jobs was steady; it wasn't too hot or too chilly. And more people started seeking jobs, which might eventually reduce worker shortages and lessen some of the inflationary pressures that have been the Fed's top priority.
This year, the American economy has been a mystery. According to certain unofficial definitions, the first half of 2022 saw a decline in economic growth, which denotes a recession.
However, the labor market is surprisingly still strong. Businesses are still scrambling to recruit employees. With more than 11 million job openings listed, there are, on average, almost two positions for every unemployed American.
And inflation, which started to ominously increase in the spring of last year, is still very nearly at a 40-year high. That indicates that there is still a healthy demand from customers for goods and services, which enables businesses to boost prices.
The Fed has had to rapidly boost interest rates to halt wage and hiring growth and bring inflation under control due to the unrelenting rise in consumer prices. By boosting borrowing prices just enough to impede growth and rein in inflation without plunging the US economy into a recession, it hopes to achieve a so-called "soft landing."
Good news thus far,
We are not now experiencing a recession, according to today's analysis, according to AnnElizabeth Konkel, the senior economist at the Indeed Hiring Lab. "With firms adding employment and the labor supply coming back online, the U.S. labor market is solid... The employment situation in the United States is still sunny.
Following are five key conclusions from the August jobs report:
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