Fewer Americans filed for jobless claims last week as the labor market continues to show resilience in the face of elevated interest rates intended to cool economic growth in the U.S.
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Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation.
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The question for 2024 is, are we are now back to the traditional economic rules?
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With each passing month the chance of a recession diminishes, while the chance of a “soft-landing” increases.
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Inflation is getting close to the Fed’s target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near a half-century low.
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If the economy were to undergo an annual physical, Richmond Federal Reserve President Tom Barkin would rate it “reasonably healthy.”
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The last four years have shown the Fed flexing its muscles over the economy.
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Indicators that sensational job growth since the COVID pandemic is coming to a close are becoming more obvious, one bad sign being a drop of 800 jobs in Durham-Chapel Hill according to the latest North Carolina employment report. But there are others. Is a recession coming as hiring slows and interest rate hikes continue to bite?
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