Bill Mitchell -US labour market weakens a little – it is madness to be increasing interest rates in this environment

The US labour market slowed a little in May 2022.

The US labour market is still 822 thousand jobs short from where it was at the end of May 2020.

The employment-population ratio is still down on the May 2020 peak.

There are no fundamental wage pressures emerging at present despite the spikes in inflation arising from supply chain constraints.

Real wages are falling.

The US labour market is still some way from being at full employment.

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