US Jobs Growth Strong but Slowing amid Inflation Fears
The growth of jobs in the US is still solid, but at a slowing pace, despite high prices and increasing borrowing costs' weight on the economy.
The US Labor Department said that last month, employers added 261,000 jobs, while the unemployment rate increased slightly to 3.7%.
The news comes as the economy is still a main concern for voters ahead of the midterm elections. Rising costs also remain a huge aspect that hits public confidence.
Prices are on a rise not seen since the early 1980s, with inflation currently up at 8.2%.
The issue is having a tremendous impact on Democrats, who were already struggling to maintain hold of Congress.
Beth Ann Bovino, chief US economist at S&P Global Ratings said:
“People are depressed and often people vote with their pocketbooks. Inflation is almost everywhere. People are squeezed at the checkout stand, they’re squeezed with their rental payments, when they try to buy a home.”
“We’re going to do what it takes to bring inflation down,” said President Biden on Friday. “But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs.”
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