Key U.S. jobs data began approaching pre-pandemic levels in July, a sign of the sort of employment market cooling Federal Reserve officials hope can lower inflation without a sharp rise in the unemployment rate. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed 2.3% of nonfarm payroll workers quit their jobs in July, down from a rate as high as 3% during the pandemic-driven "Great Resignation." Combined, the two data points suggested a drop in labor demand and an easing of hiring conditions, something the U.S. central bank feels is necessary to continue lowering inflation and easing the pressure for wage hikes.
Key U.S. jobs data began
approaching pre-pandemic levels in July, a sign of the sort of
employment market cooling Federal Reserve officials hope can
lower inflation without a sharp rise in the. -August 29, 2023 at 03:15 pm EDT
- MarketScreener
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