Is the U.S. jobs market finally losing its mojo? Job creation is expected to slow again in August to a two-and-a-half year low.
Is the U.S. jobs market finally losing its mojo? The number of newly employed rose in June and July by the smallest amount in two and a half years. And job creation is expected to slow again in August.The forecast The U.S. is expected to add 170,000 jobs in August, down from 187,000 in the prior month, based on a poll of economists by The Wall Street Journal.
A report on U.S. job openings on Tuesday showed they fell in July to a 28-month low. The number of people quitting jobs has also returned to pre-pandemic levels, suggesting workers are more worried about job security Jobless claims and unemployment are bound to rise if higher interest rates sap the economy as expected, Wall Street DJIA analysts say, but they are unlikely to soar to extremely high levels as in past periods of malaise.
Central bank officials believe annual wage growth has to slow to 2.5% to 3% to help the Fed in its fight against inflation. That’s how fast wages rose before the pandemic. There was no big surprise last year, however. That’s partly because fewer businesses have responded to the survey since the pandemic.
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