TechFlow, December 10 — U.S. Bureau of Labor Statistics data released Wednesday showed labor costs rose at an annual rate of 3.5% in the third quarter, the slowest pace in four years, highlighting a continued cooling in the job market and helping ease inflationary pressures; on a quarterly basis, labor costs increased by 0.8%. This figure reinforces signs of weakening momentum in the labor market, as many employers have slowed hiring and some firms have even begun layoffs. For the Federal Reserve, which is expected to announce interest rate cuts later, the slowdown in labor cost growth is seen as a positive sign for curbing inflation. Data from the previous day showed a decline in business hiring and layoffs rising to their highest level since early 2023, while the voluntary quit rate fell to its lowest since 2020, reflecting diminished worker confidence in job prospects. Wage growth also slowed, with pay adjustments among younger workers particularly noticeable. (Jinshi)
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