Businesses are filling fewer open jobs and inflation has started to wane --- but not fast enough for the Federal Reserve. The central bank wants the labor...
Businesses are filling fewer open jobs and inflation has started to wane, but not fast enough for the Federal Reserve. The central bank wants the labor market to chill even faster to help keep inflation in check.Wall Street forecast The U.S. likely added 200,000... Businesses are filling fewer open jobs and inflation has started to wane, but not fast enough for the Federal Reserve. The central bank wants the labor market to chill even faster to help keep inflation in check.
By that measure, the current pace of hiring is far too strong. It’s adding upward pressure on wages and contributing to persistently high inflation. “To be clear, strong wage growth is a good thing,” Powell said in a speech to the Brookings Institution. “But for wage growth to be sustainable, it needs to be consistent with 2% inflation.”
Expect unemployment to climb, however, as rising interest rates orchestrated by the Fed slow the economy and spawn more layoffs. Yet this so-called participation rate is still more than a point below the pre-pandemic peak and underscores the lack of available workers.
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