VGSH - Nothing In The Jobs Report Indicates The Fed Should Cut Rates: Labor Market Plugging Along Just Fine Despite 5.5% Rates
2024-04-06 03:50:00 ET
Summary
- For the past 12 months, despite the interest rates that the Fed jacked up to 5.25%, nearly 3 million nonfarm payroll jobs have been added.
- Average hourly earnings rose in March at an annualized rate of 4.3%, also according to the survey of employers, to $34.69.
- The labor force – also understated by the underestimated population count – rose by 469,000 in March to 167.9 million.
And wages rose at a good clip too.
It was the kind of jobs report we'd expect from an economy that is plugging along just fine, at growth rates that are above the long-run average , powered by consumers outspending inflation with gusto, especially on services , the government spending trillions it borrows hand-over-fist , and businesses that are raking in big-fat inflation-fueled profits ....
Nothing In The Jobs Report Indicates The Fed Should Cut Rates: Labor Market Plugging Along Just Fine Despite 5.5% Rates