Fed Chair Powell just said the labor market is getting vulnerable. Friday’s jobs report could prove why
CNN
The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal.
The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Monthly job gains have slowed but remain stable, labor demand and supply have come more into sync, there hasn’t been a rash of layoffs and the overall economy and spending have held up just fine. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. Federal Reserve Chair Jerome Powell said as much Wednesday: “A broad set of indicators suggest that conditions in the labor market have returned to about where they stood on the eve of the pandemic: strong, but not overheated.” Economists expect that Friday’s July jobs report will show a net gain of 175,000 jobs — a touch below the average for the past three months — and for the unemployment rate to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN.
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