Hiring in the US in 2022 has been remarkably strong even in the midst of rising interest rates and weak economic growth.
The Federal Reserve has aggressively raised interest rates in an effort to bring down inflation, which generally also slows job growth.added still-strong 315,000 jobs in August
, though less than the average 487,000 a month over the past year. The unemployment rate ticked up to 3.7%, its highest level since February, but for a healthy reason: Hundreds of thousands of people returned to the job market, and some didn’t find work right away, so the government’s count of unemployed people rose., which, by some informal definitions, signals a recession.
Inflation continues to be the biggest obstacle for a healthy US economy. The rise in consumer prices slowed modestly the past couple months, largely due to falling gas prices. But overall, prices for food and other essentials remain elevated enough that the Federal Reserve has indicated it will keep raising its benchmark interest rate until prices come back down to normal levels.when it meets next week.
The Fed has already raised its short-term interest rate four times this year and Chairman Jerome Powell has said that the central bank will likely need to keep interest rates high to slow the economy “for some time” in order to tame the worst inflation in 40 years. Powell has acknowledged the increasesShare this article:
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