The US labour market is showing further signs of distress, Jay Powell has warned, as the Federal Reserve chair signalled that he could be ready to support another interest rate cut later this month.
Powell said in Philadelphia on Tuesday that “the downside risks to employment have risen” — the strongest hint yet that Fed officials think they have enough evidence to back another quarter-point cut to US borrowing costs.
The Fed chair added that even without new Bureau of Labor Statistics data — delayed because of the federal government shutdown — privately produced measures of the jobs market, as well as internal Fed research, provided enough grounds to show the jobs market was cooling.
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