FOMC members will discuss at length the labor market and attempt to access its strength and whether recent reports elevate downside risks to job growth and higher unemployment. They will have a lot to discuss since most the of the recent data have shown softening of demand and hiring. The Ratio of Job Openings to Unemployed workers dropped below 1.0 for the First time since April 2021. In August employers added just 22,000 jobs and the Unemployment Rate ticked up to 4.3% from 4.2%. The BLS’s Benchmark revision of employment numbers from April 2024 through March 2025 showed that 911,000...
