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Unemployment Rate Climbs For Another Month As Job Gains Slump

In the United States, nonfarm payrolls increased by 206,000 in June, and the unemployment rate rose to 4.1%. according to According to Bureau of Labor Statistics (BLS) data released on Friday.

Economists had expected payrolls to rise by 190,000 in June, much lower than the 272,000 gain in May, and the unemployment rate to stabilize at 4 percent. according to Strong job gains in recent months have led some economic officials, including Federal Reserve Chairman Jerome Powell, to push back against claims that the economy is stagnating, despite slowing economic growth and high inflation, according to U.S. News & World Report.

“Signs pointing to a softening labor environment include job openings falling to a three-year low, temporary employment declining for 25 of the past 26 months, the unemployment rate rising to 4.0% from 3.4% last April and part-time employment growth continuing to outpace full-time employment,” Sam Bullard, managing director and senior economist for corporate and investment banking at Wells Fargo, told U.S. News & World Report ahead of Friday's release.

Inflation has driven prices up by more than 20% since President Joe Biden took office in January 2021, with the Consumer Price Index increasing 3.3% year-over-year in May. The Fed decided to postpone a cut in the federal funds rate at its June meeting and keep it in the 5.25% to 5.50% range in response to persistently high inflation, which has increased credit costs and is an attempt to slow the economy. (Related article: Prospective home buyers, take note: Soaring home prices are set to continue)

The latest figures show real gross domestic product (GDP) grew at an annualized rate of 1.4% in the first quarter of 2024, down from a 3.4% increase in the fourth quarter of 2023. estimate According to the Bureau of Economic Analysis, the first quarter slowed from the previous quarter due to slower growth in consumer spending, exports and state and local government spending.

Nearly half of Americans surveyed believe the current economic situation is bad, and about 70% say the economy is getting worse. according to According to a Gallup poll conducted from June 3 to 23, about 60% of those surveyed are dissatisfied with Biden's economic policies. according to Average of polls collected by RealClearPolitics polling between May 30 and July 2.

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