Yulia Slavina

Only 29,000 jobs created amid tepid wage growth, Diane Swonk notes

Only 29,000 jobs created amid tepid wage growth, Diane Swonk notes
U.S. jobs growth sluggish, wages cool

Diane Swonk highlights that the latest jobs report showed only 29,000 jobs created for the month, with wage gains remaining tepid. Losses in local government employment contributed to the weak overall number, reducing the total by 17,000 jobs.

Swonk points out that benefit costs are eroding wage gains, which has led to frustration among workers as wage growth continues to cool.

Swonk has recently noted that financial markets are pricing in further rate hikes ahead of Federal Reserve decisions, complicating policy expectations (link). She has also warned that export bans on diesel may lead to higher U.S. prices as demand adjusts (link). These earlier observations contribute to her ongoing analysis of pressures affecting wages and employment.

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