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Do not expect much good news on the jobs front any time soon, according to market indicators from the Philadelphia Fed’s most recent Business Outlook Survey.labour market conditions at the reporting firms deteriorated this month. The current employment index decreased 10 points, to ‐8.4, its second negative reading in three months. The per cent of firms reporting decreases in employment (18 per cent) exceeded the per cent reporting increases (10 per cent).
Along with the overall decrease in employment, firms also indicated fewer hours worked. While the average workweek index did increase 2 points, the index posted its fourth consecutive negative reading.
Photo: Philly Fed