PHILADELPHIA (KYW Newsradio) — While inflation has been hitting American households hard, federal agencies have also reported a strong and resilient job market.
The jobs report for February is set to be released this week, but for the last seven weeks, jobless claims have been below 200,000.
Additionally, the unemployment rate in January was 3.4% — the lowest it has been in decades.
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KYW Newsradio’s Matt Leon caught up with local economist David Fiorenza, a professor at Villanova University, to take the temperature of the U.S. economy.
In the player below, they discuss the state of the labor and housing markets, interest rates, and what Fiorenza expects from the Federal Reserve for the rest of the year.
“I think we’re gonna see three increases, a quarter-percent each,” Fiorenza said. “People have money and they’re spending, and that’s what continues to fuel the fire with inflation.”
Currently, the federal funds rate sits between 4.5% and 4.75%.
Leon and Fiorenza also talk about the housing market, inflation, what to expect with business down the shore this summer and more. Listen below: