Cyclical|The unemployment rate in the United States rose to 4.3 percent.
of the United States the labor market cooled down in July.
The Ministry of Labor announced on Friday that the number of people employed outside agriculture increased by 114,000. According to the Reuters news agency, economists expected an increase of 175,000 employed. In June, the number of employed people increased by 179,000.
The unemployment rate rose to 4.3 percent in July, while it was 4.1 percent in June. The unemployment rate has now risen for four months in a row. Economists predicted that the unemployment rate would have remained unchanged at 4.1 percent in July.
The labor market cooling is positive news for the US central bank, as it is apt to promote a slowdown in the increase in consumer prices, i.e. inflation.
On Wednesday, the central bank kept its key interest rate unchanged, but hinted that it would raise it in September.
“I do not see the current state of the labor market as a likely source of significant inflationary pressures,” the central bank’s governor Jerome Powell said on Wednesday.
In the United States, the inflation rate was 3.0 percent in June. According to the central bank’s price stability goal, it should be an average of two percent over a long period of time.
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