A resilient job market has fuelled fast wage growth, contributing to rapid inflation and putting pressure on the Fed to aggressively tighten monetary policy.
The data from ADP precede the government’s payrolls report on Friday, which is forecast to show hiring cooled down in October and the unemployment rate edged up from a five-decade low. The report also includes fresh insights into wage growth, which has been among the Fed’s main concerns as recent gains fuel consumers’ purchasing power and add to widespread price pressures.
Source: News Formal (newsformal.com)
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