U.S. employers likely maintained a strong pace of hiring in April while steadily...
WASHINGTON - U.S. employers likely maintained a strong pace of hiring in April while steadily increasing wages for workers, pointing to solid economic growth and moderate inflation pressures.
Fed Chair Jerome Powell described the economy and job growth as “a bit stronger than we anticipated” and inflation “somewhat weaker.” “The labor market is rock solid,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “It is not overheating and it’s perfect for the Fed to keep interest rates on hold.”
Though wage growth is not strong enough to drive up inflation, it is seen sufficient to underpin economic growth as the stimulus from last year’s $1.5 trillion tax cut wanes. The economy grew at a 3.2 percent annualized rate in the first quarter, driven by a surge in exports and inventories, quickening from the October-December period’s 2.2 percent pace.
The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, hit the highest in more than five years in January. Participation has risen especially among the prime-age population, blacks and women.
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