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US Labor Market Seen Cooling in 2024, Regional Fed Surveys Show
US employers expect to hire less in 2024, according to several regional Federal Reserve bank surveys, a trend that’s set to limit wage gains and cool inflation pressures. The results precede the government’s monthly jobs report next week, forecast to show a 170,000 gain in December payrolls. Meanwhile, economists expect an average 80,000 monthly increase in the first three months of next year, about half this quarter’s pace. The regional Fed data show that the central bank’s efforts to slow growth and temper inflation are filtering through into the economy. The results, while marking a slowdown, don’t ... (full story)