America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the federalreserve to raise interest rates aggressively to fight inflation.
March 13, 2023
Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up its rate hikes if signs continued to point to a robust economy and persistently high inflation. A strong job market typically leads businesses to raise pay and then pass their higher labor costs on to customers through higher prices.
With more potential hires to choose from, employers seem under less pressure now to dangle higher pay to attract or retain workers. Average wage growth slowed in February, rising just 0.2%, to $33.09, the smallest monthly increase in a year. Measured year over year, though, hourly pay is up 4.6%, well above the pre-pandemic trend. Even so, that’s down from average annual gains of about 5% last year.
“There’s clear signs of cooling when you dig deeper into the numbers,” said Mike Skordeles, head of economics at Truist, a bank. “I think it makes the case for the Fed to say … we’ll still hike rates, but we’re not going to do” a half-point hike.“Everything now hinges on February’s CPI report,” said Paul Ashworth, an economist at Capital Economics.
Much of that job growth reflects continuing demand from Americans who have been increasingly venturing out to shop, eat out, travel and attend entertainment events – activities that were largely restricted during the height of COVID. The stronger data reversed a cautiously optimistic narrative that the economy was cooling modestly _ just enough, perhaps, to tame inflation without triggering a deep recession. Now, the economic outlook is hazier.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Cayen wins the February cash draw for St. Joseph'sTakes home a $1,730 prize from fundraising 50/50 draw
Read more »
Indigo union demands more details on cyberattack, support for affected workers - Terrace StandardIndigo union demands more details on cyberattack, support for affected workers
Read more »
![Cardano [ADA] inflicted a bullish breakout- Are short-sellers subdued?](https://i.headtopics.com/images/2023/3/11/cryptoamb/cardano-ada-inflicted-a-bullish-breakout-are-short-cardano-ada-inflicted-a-bullish-breakout-are-short-1634547974846963719.webp?w=640)
Cardano [ADA] inflicted a bullish breakout- Are short-sellers subdued?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA formed a descending channel pattern since mid-February. ADA recorded significant whale activity. Cardano [ADA] has depreciated since mid-February and formed a descending channel. But it rallied despite an overwhelming bearish sentiment as the […]
Read more »
Stronger-than-expected job numbers could tempt Bank of Canada to raise interest rates, analysts sayAfter two straight months of going gangbusters, Canada’s job market is slowing down — but not as much as economists had expected. And that, analysts say, could tempt the Bank of Canada to raise interest rates later this year.
Read more »
Marriott releases details of accusation against Michael IrvinMarriott International provided its own description of an encounter between Pro Football Hall of Famer Michael Irvin and a female hotel employee in February.
Read more »
Oil giant Saudi Aramco makes a historic $161B profit in 2022Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
Read more »