ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal | | |
Happy Friday, The Daily Money readers! This is Swapna Venugopal Ramaswamy bringing you today's top headlines. |
The economy continues to show signs of strength even as the job market has been gradually cooling, increasing chances for a soft landing the Federal Reserve had hoped for as it raised interest rates 11 times to tamp down inflation. |
Economists had estimated that 186,000 jobs were added last month, according to a Bloomberg survey. | Georgia Tech student Michael Oh-Yang, center, greets company representatives at a job fair on March 29, 2023, in Atlanta. Alex Slitz / AP |
The increase in employment includes striking auto workers and actors who returned to their jobs. |
Average hourly earnings rose 12 cents to $34.10, keeping the yearly at 4%, down from a high of 5.9% last year. That's good news for a Federal Reserve seeking to slow increases that are feeding into inflation. Fed officials would like to see wage growth ease to 3.5% to align with their 2% overall inflation goal. Wage growth topped 5% last year amid severe COVID-related labor shortages. |
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Cantaloupe recall: Salmonella outbreak leaves 8 dead, hundreds sickened in US and Canada |
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