U.S. unemployment rate rises

The U.S. unemployment rate rose to 4.3% in July, the highest since October 2021.

according to Japanese. AzThe U.S. unemployment rate hit its highest level in nearly three years in July, according to the Labor Department. Analysts on average expected an unchanged increase of 4.1%.

The U.S. Bureau of Labor Statistics reported that the United States added 114,000 jobs during the reporting period, the lowest level since December 2020.

The labor market in the world’s largest economy remains resilient by long-term comparisons, but is now showing early signs of weakness. Developments in the labor market are considered a decisive factor in the Federal Reserve’s monetary policy. Weakness in the labor market could clear the way for the Fed to cut interest rates.

In April, the U.S. Bureau of Economic Statistics (BEA) reported that U.S. GDP grew at an annualized rate of 1.6% in the first quarter of 2024, compared with expectations of 2.5%. In addition, GDP growth slowed significantly compared to 3.4% in the fourth quarter of 2023.

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