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Utah’s job market continues to remain strong and the demand for labor is growing in the state. The jobs report for January 2023 revealed the state added more than 46,000 jobs over the last 12 months.
Overall U.S. inflation stretched its streak of declines to seven straight months in January and now stands at 6.4% in the last 12 months, down slightly from 6.5% in December, according to a Labor Department report released Tuesday.
Annual inflation eased a bit in January, according to new Labor Department report. Monthly prices ticked up as U.S. economy remains too hot for the Fed’s liking.
The Federal Reserve announced a .25% increase to its benchmark lending rate Wednesday, continuing a streak of rate hikes over the past year aiming to quell U.S. inflation.
The Federal Reserve instituted its eighth straight interest rate hike but opted for only a .25% bump. Fed Chairman Jerome Powell says inflation is easing in some parts of the economy but most sectors are still running hot and more rate hikes likely on the way.