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- If that results in fewer layoffs than traditional, the government’s seasonal adjustment method will interpret that continued employment as an increase.
- To compete for job candidates, the company has raised pay by up to 15% in the past two years.
- But the official authorities information paint an excessively rosy picture of the variety of folks battling insufficient part-time work.
So when you take out those big swings, general job growth has slowed from 262,000 in September to 182,000 in October and 169,000 in November. Still, there have been plenty of signs that the labor market is steadily cooling. Job openings have been coming down, and on an annual basis, wage progress has cooled to four % — according to economists’ expectations, and down from a current peak above 6 percent. Policymakers raised rates quickly from March 2022 to July of this yr, finally pushing them to a variety of 5.25 to 5.5 p.c in a bid to wrestle fast inflation under management by cooling the economy. They have since held borrowing prices regular for months as they wait to see the impact of their strikes so far.