US jobs market not "excessively tight", Fed's Powell says

The lack of a faster pick-up in wages appears to be indicating that the US jobs market is not "excessively tight", the new head of the US central bank said, arguing for a gradual pace of interest rate hikes. In remarks prepared for a speech at The Economic Club of Chicago, Illinois, Jerome Powell said salary growth had remained "moderate", with weak productivity growth an important reason behind that. "At the same time, the absence of a sharper acceleration in wages suggests that the labor ...

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