US employment faces deepest cut since 2008 amid economic concerns
The alarming economic figures concerning the United States have been underscored by Stephanie Pomboy, the founder of MacroMavens, a consultancy specialising in macroeconomic trends.
9 March 2024 17:48
The Wall Street Journal reported that last month, the unemployment rate in the USA rose to 3.9 percent, despite predictions that it would stabilise at around 3.7 percent, similar to January's figures.
the employment carousel in the USA
As Bloomberg highlights, the unemployment rate in the United States is at its peak in two years. However, the report also points out that employment levels remain robust.
What accounts for this optimism? It is due to the fact that American companies created roughly 302,000 jobs in February, which is 82,000 more than what economists expected. Nevertheless, Reuters notes that the figures for December and January, upon revision, were not as promising as initially thought.
Wage growth in the USA is on the rise, yet there is a noted deceleration in this area. Salaries have increased by 0.1 percent since January, but year-on-year up to February, the increase is at 4.3 percent.
