Debt ceiling crisis averted, jobs numbers surge

In May, hourly wages increased by 4.3% year-over-year, despite growth not keeping pace with inflation. The Federal Reserve is closely watching the report for evidence that the labor market is finally softening after months of strong job gains as policymakers try to wrestle inflation under control. Although the consumer price index has cooled from a peak of 9.1% in June, it remains about three times higher than the pre-pandemic average.

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