Unemployment Rate Hits Multi-Year High
The unemployment rate edged higher to 4.3%, reaching its highest level since October 2021. This increase brought the total number of unemployed individuals to 7.2 million, a rise of 352,000. The number of people on temporary layoff grew by 249,000 to 1.1 million.
Wage Growth Slows
Average hourly earnings increased by 0.2% for the month and 3.6% from a year ago, falling short of forecasts for 0.3% and 3.7% respectively. This slower wage growth could potentially ease inflationary pressures, a key consideration for Federal Reserve policy.
Market Reaction
The unexpected weakness in the labor market had an immediate impact on financial markets. Stock market futures…
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