The Federal Reserve raised short-term interest rates -yet again- on all Americans for the fourth time this year Wednesday; vowing to reduce the scheduled rate hikes going into 2019.
“As expected, policymakers at the central bank said they voted to hike the benchmark federal funds rate by a quarter percentage point, setting a range of 2.25 percent to 2.5 percent,” writes Fox News.
“The Fed continues to see that the economy has been continuously surpassing expectations throughout year, with exceptional job growth rates month after month in a labor market that has had very little slack, which demonstrates just how healthy it is,” said Steve Rick, chief economist at CUNA Mutual Group.
The current rate remains low by standards set throughout American history, but are now at the highest levels in nearly 10 years.
Read the full report at Fox News.
AMERICA UNLEASHED: Job Market SMASHES Record in August, Over 7 MILLION Openings
The United States job market continued to reach new heights in August 2018, with recently released statistics showing available positions “dwarfed” American workers seeking full-time employment.
According to CNBC, there were over 7.1 million positions available in the United States at the end of August; smashing the previous record of 6.2 million just a month prior.
“Job openings hit a fresh record in August, indicating companies could face more inflationary pressures ahead with a tight labor market,” writes CNBC.
“The vacancies level hit 7.14 million for the month, according to the Job Openings and Labor Turnover Survey, a report Federal Reserve officials watch closely for clues about where employment stand,” adds the article.
The strong data comes just hours after a similar report showed the US Treasury took in a record haul of personal income tax in the 2018 fiscal year.
Read the full report at CNBC.
ARMAGEDDON CONTINUES: US Jobless Claims PLUNGE to Record Lows in June
The number of Americans filing for unemployment benefits continued to plummet to record lows this week, with fewer workers filing claims than any point in over 44 years.
Leading economists had predicted that 224,000 Americans would seek assistance in June, but actual claims dropped to just 218,000; smashing records and signaling a healthy US economy heading into the third quarter of 2018.
“The labor market is considered to be close to or at full employment, with the jobless rate at an 18-year low of 3.8 percent. The unemployment rate has dropped by three-tenths of a percentage point this year. It is near the Federal Reserve’s forecast of 3.6 percent by the end of this year,” writes CNBC.
The strong economic data comes just hours after the US Treasury confirmed it had taken in a record-smashing tax haul in the first fiscal months of 2018; breaking previous highs by $50 billion in personal income tax.