2023-10-07 03:34:37
The US jobs report showed, on Friday, that employers added 336,000 jobs last September, exceeding economists’ expectations by nearly doubling and reflecting fears of a hiring slowdown that has continued for months.
The unemployment rate remained stable at 3.8 percent, a historically low number, according to government data, according to Manqla Network.ABC“.
The jobs added came across a range of occupations from the entertainment, hospitality and healthcare industry to technology.
Strong hiring indicates that companies are still willing to hire workers, despite a series of strong interest rate increases over the past year, which sought to curb inflation by reducing demand and slowing the economy, according to the network.
Job market activity is consistent with renewed optimism that the United States can avoid an economic recession, achieving a “soft landing” in which price increases return to normal levels while the economy continues to grow.
Speaking at the White House on Friday, US President Joe Biden attributed the recent jobs data to a set of economic policies taken by his administration.
“We are growing the economy,” Biden said.
However, the network said, “The good economic news may pose a challenge to the Federal Reserve (the US central bank), which is trying to calm the economy and slow price increases.”
Wells Fargo analysts said the September jobs report “fanned the flames that the FOMC may raise the federal funds rate once more at one of its two remaining meetings this year,” referring to the Federal Open Market Committee, the Fed’s decision-making body. Concerning interest rates.
An additional increase in interest rates would make borrowing costs more expensive, which might put pressure on the brakes on economic activity, according to ABC.
The data showed that wages rose 4.2 percent year-on-year last month, outpacing the inflation rate but falling well below the 6 percent pace recorded in March.
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