Economic spotlight turns to US jobs data as markets are roiled by high rates

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Job growth in the United States has remained resilient for the past 2 1/2 years even after high inflation flared and the Federal Reserve jacked up interest rates at the fastest pace in four decades

A FedEx driver makes deliveries in Palatine, Ill., Wednesday, Sept. 13, 2023. On Friday, the U.S. government issues its latest monthly jobs report. .

Fewer Americans are quitting their jobs after a surge in resignations in the aftermath of the pandemic. Most people quit to take other jobs with higher pay, so the decline in quitting indicates that workers now see fewer available opportunities elsewhere. And surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both manufacturing and services companies kept adding jobs last month. Among banks, restaurants, retailers and other service sector companies, hiring accelerated in September compared with August, according to the ISM.

One of them, Mary Daly, president of the Federal Reserve Bank of San Francisco, said Thursday that a slower pace of hiring could help persuade the Fed not to hike again this year.

Source: Financial Digest (financialdigest.net)

 

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