Philadelphia Fed Projects a Diminished Outlook for U.S. Payroll Growth in Q2 2024

The Philadelphia Federal Reserve has released new estimates indicating a significant moderation in U.S. job growth for the second quarter of 2024. In a stark departure from previous expectations, the bank now projects that around 120,000 jobs will be added during this period, a notable drop from the earlier forecasts which ranged between 150,000 to 180,000 positions.

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