Updated on 2023-10-06 22:16
US Job Market Surpasses Expert Forecasts, Suggesting Continued Tight Monetary Policy by the Fed
Job Advertisement Puts Spotlight on US Job Market
[AFP Associated Press Material Photo]
New York = Yonhap News: The vigor in the US job market seems to remain unabated.
The US Department of Labor released its latest employment situation report on October 6th, stating that non-farm jobs increased by 336,000 in September compared to the previous month.
This figure surpassed the previous month’s increase of 227,000 by more than 100,000, and it was double the expert forecast collated by the Wall Street Journal (WSJ) of 170,000.
Among sectors, the public government sector witnessed an increase of 73,000 jobs, while the private sector, particularly service industries such as restaurants and hotels, saw a rise of 100,000 jobs.
The peak growth rate of non-farm jobs in the US was recorded at 517,000 in January before declining significantly until August this year.
This higher-than-expected increase in job openings serves as evidence that employment demand in the US remains strong.
Consequently, the hawkish sentiment, favoring monetary tightening, within the Federal Reserve System (Fed) of the US is anticipated to persist for a while.
The Federal Reserve maintains its stance that it will not deviate from its tight monetary policy until labor market overheating has been alleviated.
Market expectations have now turned to the likelihood of the Federal Reserve raising the benchmark interest rate once again during the upcoming Federal Open Market Committee (FOMC) meeting next month.
Although average hourly wages grew by a mere 0.2% from the previous month, they have outpaced the Federal Reserve’s inflation rate target of 2.0%, expanding by 4.2% compared to the same month last year.
koman@yna.co.kr
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It is twice the level of expert forecasts… The Fed’s tight monetary policy is likely to continue
A job advertisement posted in front of a restaurant in Washington DC, USA
[AFP 연합뉴스 자료사진]
(New York = Yonhap News) Reporter Ko Il-hwan = The enthusiasm in the US job market seems not to have cooled.
The US Department of Labor released an employment situation report on the 6th (local time) and said that non-farm jobs increased by 336,000 in September compared to the previous month.
It was more than 100,000 more than the previous month (227,000) and double the expert forecast compiled by the Wall Street Journal (WSJ) (170,000).
By industry, there was an increase of 73,000 in public government jobs, and in the private sector, there was an increase of 100,000 in service industries such as restaurants and hotels.
The growth rate of non-farm jobs in the United States peaked at 517,000 in January and then showed a significant decline until last August.
The larger-than-expected increase in job openings is said to prove that demand for employment in the United States remains hot.
Accordingly, the hawkish atmosphere (which favors monetary tightening) of the United States Federal Reserve System (Fed) is expected to continue for some time.
The Federal Reserve’s position is that it cannot change its tight monetary policy unless the overheating of the job market is alleviated.
The market expects the Federal Reserve to raise the benchmark interest rate once again through the Federal Open Market Committee (FOMC) next month.
Average hourly wages increased by just 0.2% from the previous month, but increased by 4.2% compared to the same month last year, more than double the Federal Reserve’s inflation rate target (2.0%).
koman@yna.co.kr
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2023/10/06 22:16 Sent
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