(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
. . . . . . . . . .



Slowing job growth makes clear that the Fed has waited too long to cut interest rates [1]

['Posted', 'August', 'At Am']

Date: 2024-08

Below, EPI economists offers their insights on the jobs report released this morning, which showed 114,000 jobs added in June. Read the full thread here.

From EPI senior economist, Elise Gould (@eliselgould):

Read the full thread here.

The uptick in unemployment will likely get a lot of attention today because the Sahm rule was triggered, a measure developed by @Claudia_Sahm that may signal a recession. It’s notable that the uptick in unemployment in July was mostly due to a rise in labor force participation. — Elise Gould (@eliselgould) August 2, 2024

Employment among those 25-54 years old rose among both men and women in July. Men’s prime-age EPOP hit its highest level in this recovery. At 86.6%, it’s just 0.1 percentage points shy of it’s pre-pandemic level. Women’s prime-age EPOP continues to remain historically strong. pic.twitter.com/JiLEkBUW14 — Elise Gould (@eliselgould) August 2, 2024

Nominal wage growth continues to edge down, falling to 3.6% year over year, its lowest in two years. While more recent comparisons are more volatile, the deceleration is clear across all measures. There is no evidence of inflationary pressures coming from the labor market. pic.twitter.com/91rHpwQqnq — Elise Gould (@eliselgould) August 2, 2024

From EPI economist, Hilary Wething (@hilweth):

Today’s #jobsreport really shows the cost of the Fed’s inaction. Unemployment ticked up and payroll growth is sluggish. It doesn’t have to be this way. — Hilary Wething (@hilweth) August 2, 2024

[END]
---
[1] Url: https://www.epi.org/blog/slowing-job-growth-makes-clear-that-the-fed-has-waited-too-long-to-cut-interest-rates/

Published and (C) by Common Dreams
Content appears here under this condition or license: Creative Commons CC BY-NC-ND 3.0..

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/commondreams/