Remember before fears of global financial collapse when the Fed was most worried about wage growth? The Fed rate hike and Chair Powell's comments reflect that.
on Thursday morning with relative calm in the futures market, and one day's trading action in retrospect can amount to no more than a sell on the news, whatever the news is, kind of event — especially for a stock market that has been resilient in the face of both the Fed and the sudden banking crisis.
The moderation suggests that the market for new hires is cooling off, but the continued strength of job stayer wage growth suggests the overall labor market remains hot, said Nick Heyman, economic research director at Indeed. The labor market is moving in the direction the Fed wants, just not fast enough. Intense hiring pressure has eased, and starting with the fourth quarter of last year, "a lot of companies had hit their breaking point when it came to matching wage increases," said Ron Hetrick, senior labor economist at Lightcast. Some made the decision to "survive" with a smaller staff, he added.
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