Fed closely monitoring employment conditions to guide decision on when to cut interest rates
Federal Reserve Bank chair Jerome Powell announced interest rates would remain unchanged during a news conference last month. Jobs data is being watched to guide future decisions. Photograph: GettyThe US labour market showed signs of cooling, with the unemployment rate rising even as the pace of jobs creation slowed by less than expected.
The US labour market’s resilience over the past two years has afforded the Federal Reserve the time to take a cautious approach to lowering borrowing costs as it sought to tame inflation. With price pressures easing, the central bank is closely monitoring employment conditions to help guide its decision on when to commence an interest rate cutting cycle.
Friday’s data comes just days after the minutes of the central bank’s June meeting showed that members of the rate-setting committee were becoming more attentive to the downside risks to the US labour market. “Downward revisions to previous months, the high proportions of healthcare and government jobs, cuts to temporary workers, and a weak household survey – this all points to a picture of moderation in the labour market,” he continued.
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