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- 18:25Federal Reserve Meeting Minutes: Labor Market Conditions Expected to Remain Largely Unchanged or Slightly WeakenJinse Finance reported that the Federal Reserve meeting minutes mentioned that participants generally expected that, under appropriate monetary policy, labor market conditions would remain largely unchanged or only experience a mild weakening. Several participants noted that over the past year, the monthly employment growth numbers consistent with maintaining a stable unemployment rate have declined and may continue to remain low, due to factors such as a large number of workers approaching retirement age and persistently low net immigration. Participants stated that there is uncertainty regarding the outlook for the labor market and believed that downside risks to employment had increased during the intermeeting period. To support this view, participants cited several indicators, including: low hiring and layoff rates, indicating insufficient labor market dynamism; employment growth concentrated in only a few industries; and rising unemployment rates among groups historically more sensitive to economic cycles (such as African Americans and young people). Several participants believed that the continued application of artificial intelligence may reduce labor demand. Some participants also pointed out that survey results showed a decline in household confidence in the labor market.
- 18:17The US Dollar Index (DXY) rises by 5 points to 99.05.Jinse Finance reported that after the release of the Federal Reserve meeting minutes, the US Dollar Index (DXY) rose by 5 points to 99.05.
- 18:17Federal Reserve meeting minutes: Some data do not indicate a sharp deterioration in the labor marketJinse Finance reported that the Federal Reserve meeting minutes mentioned that, in discussing the labor market, participants noted that employment growth had slowed and the unemployment rate had risen slightly. Participants believed that the low levels of estimated employment growth in recent months may reflect declines in both labor supply and demand growth. Participants pointed out that factors such as reduced net immigration or changes in labor force participation rate are weakening labor supply; while moderate economic growth or high uncertainty affecting corporate hiring decisions may be reasons for suppressing labor demand. In this context, participants mentioned a range of other indicators that help assess labor market conditions, including: the unemployment rate, the ratio of job vacancies to unemployed persons, wage growth, the proportion of unemployed people finding jobs, the voluntary quit rate among employed persons, and the layoff rate. Most participants believed that the latest readings of these indicators did not show a sharp deterioration in labor market conditions. However, a few participants believed that recently released labor market data (including revisions to previous data and preliminary estimates of nonfarm payroll benchmark revisions) suggest that labor market weakness may have lasted longer than previously reported.