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<No.588>
Prospects Grow for Earlier Fed Rate Hike as US Adds Jobs
Job gains last month beat expectations

by more than 50,000.


And aside from losses in the energy sector,

gains were across the board,

says PNC Financial Services senior economist Gus Faucher on Skype.


"We had strong growth in retail trade

and leisure, hospitality services,

education and health care,

business and professional services, construction,

and then we also saw a pick-up

in job growth in manufacturing."


The pick-up in manufacturing is notable,

given the recent weakness in exports -

a byproduct of a stronger dollar

which has made American-made goods more expensive abroad.


The other notable development

is a steady improvement in wages.


Ethan Harris is head of global economic research

at Bank of America Merrill Lynch.


"Normally workers start to get a little bit of bargaining power

as they get a fully healthy job market.


That's been delayed

because the recovery was so slow.


But now we're finally there.


We're finally seeing workers.


We're on the cusp."


But a healthy labor market also puts the prospect

of an interest rate hike this year

back on the table.


Some economists had urged the central bank

to delay raising rates until next year

after government reports showed

the U.S. economy shrank in the first quarter.


Solid job growth in May could prompt the Fed

to act sooner,

says Bankrate.com Washington bureau chief Mark Hamrick.


"Our own Bankrate quarterly economic survey finds that

the vast majority of our panel members believe that

the Fed will be raising interest rates in September."


Members of the Federal Reserve Open Market Committee

could signal their intentions

after the board's next meeting

later this month.


Mil Arcega, VOA News, Washington
 

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