美国国家公共电台 NPR--The job market slowed last month, but it's still too hot to ease inflation fears

The job market slowed last month, but it's still too hot to ease inflation fears

Transcript¹

Hiring cooled last month from its sizzling pace in January, but the U.S. job market remains² unusually hot, with an unemployment rate hovering³ near a half-century low.

Employers added 311,000 jobs in February, according to a report from the Labor⁴ Department Friday that will be closely studied by the Federal Reserve.

The unemployment rate inched up to 3.6% from 3.4% in January, as more than 400,000 people joined the workforce⁵.

The Fed was alarmed by an earlier report showing more than half a million jobs were added in January. The central bank worries that an overheated job market could put more upward pressure on inflation.

The report shows January's job gains were only slightly weaker than initially⁶ reported, with 504,000 jobs added that month, according to the revised figures also out on Friday.

Restaurants and hotels are among the businesses hiring

Job gains in February were widespread, with in-person service industries showing robust⁷ hiring.

"Leisure and hospitality is leading that charge," said Nela Richardson, chief economist⁸ for the payroll⁹ processing company ADP.

The steady demand for workers shows the underlying¹⁰ strength "in a sector¹¹ that is defined by people going out and spending on things like vacations, and hotel stays and restaurants," Richardson said.

Construction companies added 24,000 jobs, even as rising mortgage rates continue to weigh on the housing market. The average rate on a 30-year fixed-rate home loan climbed to 6.73% this week from 3.85% a year ago, according to mortgage giant Fannie Mae.

Headline-grabbing layoffs¹² in the tech sector put little dent¹³ in the overall employment numbers, although the information sector did show a loss of 25,000 jobs last month. Factories shed 4,000 jobs in February and the transportation and warehousing industry cut 22,000 jobs.

The Fed is likely to stay skittish¹⁴

Fed Chair Jerome Powell told lawmakers this week that a very strong job market, along with robust consumer spending and stubbornly high inflation, could prompt the central bank to raise interest rates higher – and more rapidly – than had been expected late last year.

"The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy," Powell told the Senate Banking¹⁵ Committee Tuesday. "If the totality of the data were to indicate that faster tightening¹⁶ is warranted, we would be prepared to increase the pace of rate hikes."

In addition to the jobs report, the Fed will be guided by a report on February inflation that's due out next Tuesday. The central bank's rate-setting committee meets the following week.

Historically, when the Fed tries to curb¹⁷ inflation by raising interest rates, it results in higher unemployment, but past experience may not be so helpful in the current environment.

"We're in kind of a brave new world when it comes to inflation and the job market," Richardson said. "Nothing about the pandemic recovery or the economy since that time of the pandemic really reflects historical trends."

The Fed is also keeping a close eye on rising wages, which can contribute to higher prices, especially in labor-intensive service industries. On average, wages in February were 4.6% higher than a year ago.

"Strong wage growth is good for workers, but only if it's not eroded¹⁸ by inflation," Powell told a House committee this week.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

3 hovering   

鸟( hover的现在分词 )； 靠近（某事物）； （人）徘徊； 犹豫

参考例句：

• The helicopter was hovering about 100 metres above the pad. 直升机在离发射台一百米的上空盘旋。
• I'm hovering between the concert and the play tonight. 我犹豫不决今晚是听音乐会还是看戏。

4 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

5 workforce   

n.劳动大军，劳动力

参考例句：

• A large part of the workforce is employed in agriculture.劳动人口中一大部分受雇于农业。
• A quarter of the local workforce is unemployed.本地劳动力中有四分之一失业。

6 initially   

adv.最初，开始

参考例句：

• The ban was initially opposed by the US.这一禁令首先遭到美国的反对。
• Feathers initially developed from insect scales.羽毛最初由昆虫的翅瓣演化而来。

7 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

8 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

9 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

10 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

11 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

12 layoffs   

临时解雇( layoff的名词复数 )； 停工，停止活动

参考例句：

• Textile companies announced 2000 fresh layoffs last week. 各纺织公司上周宣布再次裁员两千人。
• Stock prices broke when the firm suddenly announced layoffs. 当公司突然宣布裁员时，股票价格便大跌

13 dent   

n.凹痕，凹坑；初步进展

参考例句：

• I don't know how it came about but I've got a dent in the rear of my car.我不知道是怎么回事，但我的汽车后部有了一个凹痕。
• That dent is not big enough to be worth hammering out.那个凹陷不大，用不着把它锤平。

14 skittish   

adj.易激动的，轻佻的

参考例句：

• She gets very skittish when her boy-friend is around.她男朋友在场时，她就显得格外轻佻。
• I won't have my son associating with skittish girls.我不准我的儿子与轻佻的女孩交往。

15 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

16 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

17 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

18 eroded   

adj. 被侵蚀的，有蚀痕的 动词erode的过去式和过去分词形式

参考例句：

• The cliff face has been steadily eroded by the sea. 峭壁表面逐渐被海水侵蚀。
• The stream eroded a channel in the solid rock. 小溪在硬石中侵蚀成一条水道。