(New York, NY) – Last month, the jobless rate rose despite forecasters hoping for some positive economic growth as the Federal Reserve hopes to avoid another rise in interest rates. Over 2022 and 2023, the agency raised rates 11 times which took it to the highest levels in the past two decades.
The past four consecutive months, the unemployment rate has been rising pointing to signs of a possible recession. Also wage growth had poor showing last month. The average hourly rate went up 3.6% since July 2023, the smallest yearly increase since May 2021. Economists expect that the Federal Reserve will begin reducing interest rates at their next meeting in September.
