The pace of jobs creation slowed in June, raising the unemployment rate to 4.5% from the 28-year low of 4.3% seen in April and May. This change is probably the labor market’s reaction to Asian economic conditions and the General Motors strike. Even after the increase, however, unemployment remains well below the 5.0% rate that prevailed a year ago.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 11, 07.01.1998.