The U.S. job market is cooling as interest rates rise, with job openings slightly decreasing. Despite this, the economy remains resilient compared to pre-pandemic levels.
Hiring pace has slowed notably since pre-pandemic times, with hiring rates at their lowest since 2014. The Fed aims to reduce wage pressure and inflation by managing job vacancies.
Job growth has decreased, with an average of 222,000 jobs added monthly in 2023, down from higher rates in previous years. Economists predict a slight decrease in job creation for July.
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