"The Bureau of Labor Statistics April jobs report was generally favorable: job gains softened with 175,000 jobs added in the month. The U.S. unemployment rate rose modestly – from 3.8% in March to 3.9% at the end of April – remaining in the narrow range of 3.7% to 3.9% reported over the past nine months. "The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in April – exactly equal to the year-ago reading. Historically, flat or declining year-over-year changes in the average workweek have been a reliable leading indicator of recession. "The Federal Reserve on Wednesday emphasized that market interest rates won’t be cut until policymakers have ‘greater confidence’ that inflation is slowing sustainably to its desired 2% target. Today’s employment report suggests job market fundamentals could be headed in a direction that is broadly supportive of achieving that goal." -- America's Credit Unions Chief Economist Mike Schenk
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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