How Job Market Is Faring as Fed Shifts Focus to Employment

Published on August 28, 2024

Federal Reserve Chairman Jerome Powell, in his prepared speech at the recent Jackson Hole Economic Symposium, said: “It seems unlikely that the labor market will be a source of elevated inflationary pressures anytime soon. We do not seek or welcome further cooling in labor market conditions.” Have the central bank’s tightening efforts since March 2022 finally doused the red-hot, post-COVID-19 pandemic U.S. labor market? So far this year, the number of new jobs has totaled about 1.9 million, compared with 1.4 million in 2023. The unemployment rate is at 4.3 percent, compared with 3.5 percent. Over the past year, market watchers have observed various other economic indicators that suggest the jobs arena is loosening and becoming better balanced, in line with pre-crisis conditions....

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