According to Mars Finance, citing Jinshi, data from the U.S. Bureau of Labor Statistics shows that the annual growth rate of labor costs slowed to 3.5% in the third quarter, the slowest pace in four years, with a quarter-on-quarter increase of 0.8%. This data indicates a continued cooling of the job market, which helps alleviate inflationary pressures. Many employers have slowed their hiring pace, and some companies have begun layoffs, reflecting weakened worker confidence in job prospects.
US labor cost growth slowed to 3.5%, easing inflationary pressures.
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