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The U.S. Federal Reserve said it hopes to see "maximum employment" but said tight credit conditions could impact hiring.
The U.S. Federal Reserve's Federal Open Market Committee released its observations on Wednesday of the state of the U.S. economy, which appeared to be a mixed bag.
The FOMC report said that while the U.S. banking system appeared "sound and resilient" despite multiple U.S. bank collapses this year alone, tight credit conditions could affect the job market when it comes to hiring.
The report said "tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain."
The Fed said indicators show U.S. economic activity has been "expanding at a moderate pace." The committee said gains in the U.S. job market have been "robust in recent months," with the unemployment rate remaining low.
The U.S. Department of Labor released a report recently that showed that by the week that ended on July 15, unemployment insurance claims had dropped by 9,000 from the week before.
A recent Bureau of Labor Statistics report released earlier in July found that as worries of a looming recession persisted, the unemployment rate did not remain the same for all groups.
Data showed that Black workers made up around 90% of a recent spike in unemployment. The report found that the unemployment rate among Hispanic workers also went up, reaching about 4.3% in the same period.
The Fed said it hopes to see inflation at a rate of about 2% over the long run and to achieve "maximum employment."
The committee looking at this data "strongly" wants to increase the target range for the federal funds rate to between 5-1/4 and 5-1/2% as well.
The central bank also said it wants to reduce holdings of Treasury securities and agency debt, along with agency mortgage-backed securities.
Union leadership cite unfavorable rulings from the nation’s top labor board and the Supreme Court under Trump, as well as unfulfilled promises.
The Federal Reserve left its key interest rate unchanged Wednesday, and one factor influencing that decision is the global price of oil.
Officials at the Federal Reserve appear optimistic they can continue to curb inflation without plunging the economy into a recession.
Until now, the system was only able to retrieve data up to September 2021 and read text conversations.
The state Education Department banned the technology following a report that facial recognition risks violating students' privacy and civil rights.
If you're not able to get to a place where you can see this eclipse, the next total solar eclipse is April 8, 2024.