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WASHINGTON, Sept 1 - Data since the Federal Reserve's last policy meeting has added to the impression the U.S. economy is cooling without cracking, likely bolstering the case against further rate increases even if central bank policymakers are reluctant to call off their fight against inflation any time soon.
The rates at which workers are quitting as well as the pace of hiring also have slipped to near or below pre-pandemic levels, while one statistic closely watched by the Fed - the number of job openings for every unemployed person - tumbled in July to 1.51, the lowest since September 2021. Acting U.S. Labor Secretary Julie Su said the slower pace of job growth showed the economy was shifting from the"breakneck" recovery from pandemic-era job losses to"continued stable, steady growth ... This is really what you want to see if you are looking for a 'soft landing.'"
'WELL-BEHAVED' DATA The 0.2% gain in average hourly earnings last month was the smallest since February 2022 and equated to an annualized pace of around 2.5%, lower than the roughly 3% that Fed officials feel is consistent with their 2% inflation target. Fed officials have been hoping to see the labor market cool, torn between the fact that rising wages and a good job market improve the economic fortunes of workers and families, and concern that continued strong hiring conditions could keep inflation high.
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