WASHINGTON - The US jobs market cooled much more than expected in July with the unemployment rate reaching its highest since late 2021, government data showed late Friday, paving the way towards post-pandemic interest rate cuts. The jobless rate rose to 4.3 percent, the highest level since October 2021, according to government data. In July, average hourly earnings rose less than analysts expected by 0.2 percent to $35.07, the Labor Department report said. Apart from a downward revision to June’s hiring figures, job growth in May was also slightly lower than initially estimated, Labor Department data showed. An unexpected weakening in the jobs market could be a reason for a Fed policy response, he noted.

Source: The Nation August 04, 2024 08:58 UTC