Inflation is “always going to be a risk” in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at\u2026
ADP's monthly report on Wednesday showed that private payrolls rose by just 89,000 in September, well below a Dow Jones consensus estimate of 160,000 and down from an upwardly revised 180,000 in August.
Inflation is"always going to be a risk" in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at payroll processing firm ADP.began a run of interest rates hikes that would take the Fed funds rate target range from 0.25-0.5% in March 2022 to a 22-year high of 5.25-5.5% in July 2023.
"This was an economy built on very close to zero interest rates for 10 years of economic expansion, and that was OK because inflation was super low," she said."But now inflation has awakened, and if you look at demographic trends, labor shortages are not going away.
Despite fears of a recession on the back of the Fed's extraordinary run of monetary policy tightening, the U.S. economy has remained surprisingly robust. The rate-settingMeanwhile, inflation is coming back toward the Fed's 2% target and the labor market tightness that some economists feared was adding to inflationary pressures has shown signs of abating, though unemployment still remains relatively low by historic comparisons.
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