US labour markets approaching pre-pandemic state, report finds
Simple rules suggest fed funds rate should be at or below current level, report says
US labour market conditions are similar to those prevailing before the Covid-19 pandemic, the Federal Reserve’s July monetary policy report said.
The Fed report also found that using simple rules indicated that the central bank’s policy rate should be at or below its current level. The labour market moved into better balance over the past year, and job gains and unemployment have remained healthy, it said.
“With cooling labour demand and rising labour supply, the unemployment rate edged up to 4.0%
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