A salesperson shows an unsold 2024 Cooper SE electric hardtop to a prospective buyer at a Mini dealership Wednesday, May 1, 2024, in Highlands Ranch, Colo. On Friday, May 3, 2024, the U.S. government issues its April jobs report. –
Yet America's job market has repeatedly proved more robust than almost anyone had predicted. When the Federal Reserve began aggressively raising rates two years ago to fight a punishing inflation surge, most economists expected the resulting jump in borrowing costs to cause a recession and drive unemployment to painfully high levels.
“If you look at the last couple of months, it has been a safe bet to take the optimistic side,’’ said Aaron Terrazas, chief economist at the employment website Glassdoor. Now, “there are finally people in seat who know what they’re doing, know the processes, know the systems. You don’t need to waste a lot of resources on training.''
On a month-over-month basis, consumer inflation hasn't declined since October. The 3.5% year-over-year inflation rate for March was still running well above the Fed's 2% target.