JUST IN: The economy once again beat expectations and added 372,000 jobs in June, an encouraging sign for the labor market’s resiliency as the Federal Reserve tries to bring down inflation by raising interest rates. zhalaschak reports.
The economy beat expectations and added 372,000 jobs in June, an encouraging sign for the labor market’s resiliency as the Federal Reserve tries to bring down inflation by raising interest rates.
After the Federal Reserve hiked its interest rate target by a quarter percentage point in March, it later jacked up rates by half a percentage point and then last month took its most aggressive rate hike since 1994 and raised the federal funds rate by three-fourths of a percentage point — a move than is analogous to three rate hikes at once.
Some economists think the central bank is doing too little, too late, given the relative strength of the labor market and the tenacity of the country’s inflation.
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