Unemployment rate edges down to 3.5 percent

“This report is a fantastic sign for the labor market,” said Julia Pollak, labor economist at ZipRecruiter. “There’s plenty of indication that inflation is coming down. There’s reason to think the labor market can weather the storm.” The July jobs report showed little signs of cooling off, proving to be a pillar of strength for an economy facing strong head winds. Plus, workers who lose their jobs appear to be finding new positions quickly. “By the time of the September meeting, we will have seen two more [consumer price index] readings and two more labor market readings, and significant amount of readings about economic activity and perhaps geopolitical developments, who knows,” Powell said. Also, economists have feared that higher interest rates could lead to a wave of layoffs. The number of Americans quitting their jobs remains high, although lower than its peak earlier this year. It looks like we can manage to get inflation under control without halting job market recovery. (). Continue reading.

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