Federal Reserve Meeting Minutes: Labor Market Conditions Remain Robust

According to a report by Jinse Finance, the Federal Reserve has released the minutes of its July meeting, which noted that recent data indicates labor market conditions remain robust. The unemployment rate in June was 4.1%, down 0.1 percentage points from May. The labor force participation rate in June edged down by 0.1 percentage points, while the employment-to-population ratio remained unchanged. The total number of nonfarm payroll jobs in June increased at a steady pace, but the growth in private sector employment slowed significantly. The ratio of job vacancies to unemployed persons in June was 1.1, remaining within the narrow range observed over the past year. Over the 12 months ending in June, average hourly earnings for all employees rose by 3.7%, slightly lower than the increase recorded in the same period last year.