US jobs report shows continued slowdown in labor market

If you're looking for a job, a job market with lots of vacancies and low unemployment seems ideal compared to a job market with fewer vacancies and high unemployment. But what may seem ideal for job seekers isn't necessarily in the best interest of the economy as a whole.

How could this be?

When many employers need to fill many positions at the same time, they compete for workers. To attract workers, employers tend to raise wages. This has been happening for the past few years as the economy recovers from the pandemic.

But this is a double-edged sword: It has fueled rising prices as workers have more money to spend. That has prompted the Federal Reserve to raise interest rates to their highest level in more than 20 years, making it more expensive to get a home loan and repay other types of debt.

However, if the number of job seekers increases and the unemployment rate rises, employers will not need to raise wages as much, if at all. This could help curb inflation, because it would mean that businesses would not have as much room to raise the prices of goods and services.

Friday's jobs report, which showed that the number of new hires fell to 206,000 last month from 218,000 in May, while the unemployment rate rose to 4.1% from 4%, shows that we may be getting closer to a Goldilocks-type labor market, not too hot and not too cold.

In their semiannual report to Congress, Fed officials said the labor market appears to be similar to the period immediately before the pandemic, when the labor market was relatively tight but not overheated.

David Russell, global head of market strategy at TradeStation, believes we have already entered a sweet spot in the labor market. The labor market is bending but not breaking, which strengthens the case for lower rates, he said in a note Friday morning.

Things are neither too hot nor too cold. Goldilocks is here and September is in play, he added, referring to the Fed's rate cut at this meeting.

Sources 1/ https://Google.com/ 2/ https://www.cnn.com/business/live-news/us-jobs-report-june-final/index.html The mention sources can contact us to remove/changing this article

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