Strong jobs report will push interest rates higher, PNC economist says

PITTSBURGH — At any other time, a robust jobs report would be celebrated, but the November gains released on Friday sends a message to the Federal Reserve: Its strategy to lower inflation by slowing the economy just isn’t there yet.

The very strong labor market is contributing to inflation that is running far above the Fed’s 2% objective, Pittsburgh’s biggest bank said.

So interest rate hikes will continue, and everyone will be paying more for goods and services.

But the price may be even higher in 2023, according to economists at Pittsburgh-based PNC Financial Services Group Inc. (NYSE:PNC), with a recession and job losses.

Click here to read more from our partners at the Pittsburgh Business Times.

Four men arrested, accused of stealing $10,000 worth of electronics from local Best Buy Police said an organized group of thieves stole thousands of dollars worth of electronics at the Best Buy in Bethel Park along Alicia Drive Thursday afternoon.

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