US Job Market Stayed Strong In September Despite Fed's Rate Hikes
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Job Market Stayed Strong In September Despite Fed's Rate Hikes
US Job Market , Stayed Strong In September , Despite Fed's Rate Hikes.
In September, employers posted 9.6 million
job openings, an indicator that America's
job market remains strong.
.
ABC reports that layoffs fell
from 1.7 million in August to
1.5 million in September.
.
At the same time, unemployment
for the month had dropped to
3.8%, nearly a half-century low.
.
Consumer prices remained 3.7% higher
than the same time in 2022, but were down
from a 9.1% peak reached in June of 2022.
.
ABC reports that while job openings for September
were down from a record 12 million reached in
June, they remain high by historical standards.
.
The strong performance of the job market comes
despite the Federal Reserve's efforts to fight
inflation, which aim to cool the job market.
.
Since March of 2022, the Fed
has increased its benchmark
interest rate eleven times.
.
ABC reports that the U.S. central bank is expected to
announce another pause in rate hikes for its second straight
meeting while it monitors the impact of previous increases.
ABC reports that the U.S. central bank is expected to
announce another pause in rate hikes for its second straight
meeting while it monitors the impact of previous increases.
The Fed is looking to accomplish a
"soft landing," raising rates enough to reign
in prices without triggering a recession.
.
Analysts predict that U.S. employers added
another 189,000 jobs in October, which will be revealed in
the Labor Department's upcoming jobs report for the month.
Analysts predict that U.S. employers added
another 189,000 jobs in October, which will be revealed in
the Labor Department's upcoming jobs report for the month
Annual inflation in the US fell to 2.9% last month, officials have said - heightening expectations that the Federal Reserve will cut interest rates in September. Sky News
New US Home Construction , Sinks to Slowest Pace in 4 Years.
Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports. .
Housing starts dropped 5.5%,
and building permits dipped 3.8%.
Home completions also fell to the lowest amount since September 2022.
High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.
But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.
The weakest U.S. housing starts
since the pandemic-led shutdowns
are fairly convincing evidence of
restrictive monetary policy. , Sal Guatieri, senior economist at BMO Capital Markets, via note.
While a growing population and
workforce are providing some support,
US home builders won’t become
busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.
Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.
However, continuing claims rose
for a seventh consecutive week
Credit: Wibbitz Top Stories Duration: 01:30Published
Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
ABC just announced the leading man for the newest season of 'The Bachelor.' ABC has picked Grant Ellis of Jenn Tran's season of 'The Bachelorette' to hand out roses for season 29, making history as the second ever Black bachelor to lead the hit reality dating series.
Credit: The Hollywood Reporter Duration: 01:10Published
"The Bachelor" has a new face to lead the show's next season ... but it's someone you may already be familiar with. On Monday night, ABC announced Grant Ellis --.. TMZ.com
Jimmy Kimmel and John Mulaney have both passed on hosting the 2025 Oscars. ABC is said to have made offers to both Kimmel and Mulaney, both of whom passed on the job, as first reported by Puck News. Kimmel, ABC's late-night host, was offered the job first. He's already emceed the Academy Awards four times, including the last two years, but he ultimately said no.
Credit: The Hollywood Reporter Duration: 01:39Published
Labor Market Remains Strong as, Unemployment Claims , Continue to Fall.
ABC reports that the number of applications for
unemployment in the United States fell sharply
last week, signaling a..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Job Market , Stays Strong as Applications for , Jobless Benefits Inch Lower.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that..
Credit: Wibbitz Top Stories Duration: 01:31Published
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