ReutersWeaker US jobs data brings some relief to Fed
Federal Reserve officials, buffeted in recent months by concerns the economy might again overheat, got relief on Friday when jobs data for April showed a marked cooling in wage growth and a pace of hiring in line with levels seen before the COVID-19 pandemic. The gain of 175,000 payroll jobs last month was the lowest in more than a year, while the 3.9% annual change in average hourly earnings was the smallest since May of 2021 and continued what has been a steady decline towards the mid-3% range that policymakers feel is consistent with their 2% inflation target. Fed Governor Michelle Bowman, who has been among the more ardent voices on the steps needed to control inflation, said after the release of the data that her outlook remained "that inflation will decline further with the policy rate held steady."
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