Bureau of Labor Statistics: less people working means less inflation. Unemployment currently at 3.7%, prefer closer to 5.5%

'Quiet quitting' isn't actually about quitting

Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Yes, the unemployment rate rose. Here’s why that’s good news
  • The Bureau of Labor Statistics reported that the US unemployment rate had ticked up to 3.7% in August, an increase that surprised economists who had expected it to remain at July’s 3.5%
  • “If the unemployment rate goes up a little bit because of that, that’s okay. Because there are still many job openings in United States of America and we need to get more people back into work,”
  • “That 3.7% unemployment rate is probably still adding to inflation in the US economy through higher wages,” he said. “We think the unemployment rate will have to rise to 5.5%… to get inflation back to the Fed’s 2% target.” Wages rose at an annualized rate of 5.2% in August, the same as in July.
  • With inflation running at 8.5%, household finances are under pressure.

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