Has Fed tightening slowed down the US jobs market?
US hiring is expected to have slowed in July, as investors and economists wager that the Federal Reserve’s rapid series of interest rate increases will have started to affect the labour market.
The labour department is forecast to report that the US added 255,000 jobs in July, according to a Reuters survey, down from 372,000 in June. The unemployment rate is expected to hold steady at 3.6 per cent.
Market watchers have been anticipating a slowdown in the labour market for months. While hiring has weakened modestly this year, forecasts have undershot the data since April. But the Fed’s dramatic efforts to rein in inflation are expected to eventually take a bite out of US hiring.
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