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☆ There are cracks forming in the US jobs market
▼ + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, ” Locations: Oxford

☆ Fed Chair Powell just said the labor market is getting vulnerable. Friday’s jobs report could prove why
▼ + stars: | 2024-08-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. Labor force participation/employment to population ratio: These metrics are key reasons why Bunker and others believe the labor market remains in good shape. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Labor, Economic Policy Institute, ” Locations: Oxford

Two of them - Norway and United Kingdom - delivered a total of 50 basis points of rate hikes in the lowest such tally since January. Turkey delivered a super-sized 750 bps rate rise in August while Russia lifted its benchmark by 350 bps and Thailand added 25 bps. "Major central banks will maintain a restrictive policy stance through 2024," said Madhavi Bokil, senior vice president strategy and research at Moody's. "Significant easing by emerging market central banks is unlikely with advanced economy central banks still battling elevated inflation, and uncertainty around the U.S. interest rate outlook." Emerging markets interest ratesReporting by Karin Strohecker and Vincent Flasseur Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, Carsten Brzeski, Brzeski, Costa, Madhavi Bokil, Karin Strohecker, Vincent Flasseur, Tomasz Janowski Organizations: People's Bank of China, REUTERS, New Zealand, Thomson Locations: Beijing, Norway, Brazil, Turkey, Russia, Central, United Kingdom, Australia, New, China, Europe, Chile, Costa Rica, Uruguay, Thailand

☆ Fed Chair Powell is heading to Capitol Hill. Here’s what to expect
▼ + stars: | 2023-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell testifies before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades. Indeed, just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. Powell will try to quell Democrats’ concerns over the Fed inducing more job losses than necessary and reassure Republicans that the central bank remains committed to fighting inflation. Financial markets see a roughly 77% chance the Fed will hike rates by another quarter point in July, according to the CME FedWatch Tool. The Fed has already published Powell’s semiannual report to Congress, which includes mostly what Powell and the post-meeting statement communicated earlier this month.

Persons: Jerome Powell, “ Powell’s, ”, José Torres, “ Powell, Christopher Waller, Thomas Barkin, Biden, Brendan Boyle, Powell, Mike Pence, Madhavi Bokil Organizations: DC CNN — Federal, House Financial, Fed, Interactive Brokers, Richmond Fed, ”, Pennsylvania Democrat, Republicans, US, Moody’s Investors, Moody’s Investors Service Locations: Washington, Pennsylvania

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