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- U.S. unemployment is increasingly frictional - NBC
U.S. unemployment is increasingly frictional - NBC
Stefane Marion, an analyst at National Bank of Canada (NBC), suggests that the U.S. June employment report depicted a resilient economy that continues to generate good job creation.
- “The jobless rate may have increased a bit during the month, but we are not concerned about that given that unemployment is increasingly frictional, i.e., people in the process of moving from one job to another.
- Case in point, the share of unemployed people that left their job voluntarily surged to 14.7% in June, a two-decade high.
- Such a development does not argue for an aggressive path of interest rate cuts by the Federal Reserve.”
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