Fed Maintains Interest Rates, as US Unemployment Figures Rise
(Worthy News) – In a widely anticipated move, the U.S. Federal Reserve (FED) decided on Wednesday to keep the interest rate steady within the range of 5.25% to 5.5%. The decision is of considerable significance to both traditional and cryptocurrency markets.
The FED’s choice to maintain the current interest rates comes as the U.S. Department of Labor released August’s unemployment figures. Unemployment rose to 3.8%, up from July’s 3.5%. This marks the highest level since February this year, indicating an influx of people entering the job market in search of employment. The data showed an increase of 187,000 employed individuals from July to August.
However, it was also revealed that there was a downward revision in the number of jobs added in June and July. The economy saw 110,000 fewer jobs added during these months than initially reported, suggesting a potential slowdown in employment growth. [ Source: Investing.Com (Read More…) ]