As the high demand for workers has pushed up salaries, and therefore been a major contributor to rising inflation, the change could affect future Federal Reserve policy.
The central bank has been hiking interest rates and said it would continue to do so to push back against persistent inflation. That has sparked fears of a recession among investors who believe the hikes are being implemented too quickly. Some analysts now argue that the new labor market data could lead the Fed to slow down rate hikes.
Futures on major U.S. indexes pulled back on Wednesday after stock markets rallied at the start of the week, with the S&P 500 noting its biggest two-day rise since 2020.
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