For many months now, the US job market has resisted the efforts of the Federal Reserve Board to cool the economy and has stayed red hot.
For many months now, the US job market has resisted the efforts of the Federal Reserve Board to cool the economy and has stayed red hot. This, in turn, has frustrated the Fed, which views a softer labor market as key to fighting inflation.
But perhaps the Fed is starting to get what it wants.
In the Bureau of Labor Statistics report just released, payrolls grew by 209,000. This is below the roughly 225,000 forecast by economists, and well below the torrid rates observed in April and May (which themselves were revised downward by substantial amounts).
