03.08.2024. / 13:49
WASHINGTON – In the United States of America (USA), 114,000 new jobs were created in July, after 179,000 in June, according to revised data.
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The unemployment rate increased by 0.2 percentage points to 4.3 percent, the highest since October 2021, reports Mina.
The data could prompt the US central bank to start lowering its key interest rate.
“Employment continued to grow in healthcare, construction and transportation and storage”the US Department of Labor announced.
Employment in the state administration, which slowed down in recent months, was unchanged in July.
Analysts expect signs of a cooling economy, along with moderate inflation, to convince the US central bank, the Federal Reserve (Fed), to start lowering the key interest rate, which it has raised several times in the fight against high inflation.
The Fed’s Open Market Committee kept the key interest rate, at which banks lend money to each other overnight, at the level of 5.25 to 5.5 percent. However, Fed President Jerome Powell announced that the interest rate could be lowered in September.
Some analysts also see the current situation as the beginning of a recession for the American economy. Chief economist for the US market at Oxford Economics, Ryan Sweet, said that such estimates are exaggerated, but agreed that the economy is cooling. Mine
Source: www.capital.ba
