00:00 The economy has made considerable progress toward our dual mandate objectives.
00:05 Inflation has eased substantially and the labor market has remained strong.
00:09 And that is very good news.
00:12 But inflation is still very high and the progress we have made in the path forward is not guaranteed.
00:20 We are fully committed to our commitment to the two-point percentage of the national
00:26 labor market and that is a statement that the labor market has to be strong.
00:31 Today, the FEDERAL FEDERALIST COUNCIL has decided to maintain the interest rate without any change and to continue to lower our tax rates.
00:40 The long-term goals of the federal government are to put pressure on the economy and the labor market.
00:47 And the labor market has been in a low and has continued to be in a low.
00:51 And as we move forward in reducing inflation, the risks that threaten our goals in terms of employment and inflation will be balanced.
00:57 And we will have more to say about the economy after the release of the economic development report.
01:04 Recent indicators suggest that economic activity was expanding strongly and steadily.
01:10 The GDP growth rate for the quarter to the last quarter of last year was at 3.2 percent.
01:16 In the year 2023, the GDP growth rate was 3.1 percent, supported by strong consumer demand, as well as improving the export conditions.
01:26 Activity in the housing sector was weak in the past year, which greatly reduces the rise in real estate rents.
01:35 And the high interest rates have affected the firm investment of companies.
01:39 In summary, our participants expect the GDP growth rate to decrease from the previous year.
01:47 We expect 2.1 percent of the GDP growth rate for this year and 2 percent for the coming year.
01:53 Participants have raised their expectations since December, reflecting the strength of the data and, among other things, the labor market.
02:02 The labor market remains tight, but demand and supply are entering a better and better balance in the last three months.
02:11 The average salary of employees has reached 165,000 jobs per month.
02:16 The unemployment rate has also increased, but remains at 3.9 percent.
02:21 The creation of strong job opportunities has attracted an increase in the number of job opportunities,
02:25 which has reflected the increasing participation of individuals aged between 25 and 54, and the continuation of the return to normal levels.
02:35 The rate of salary growth has decreased, and the number of jobs has decreased,
02:39 although the gap between jobs and employees has narrowed, but demand for work is still beyond the expected.
02:46 the rebalancing in the labor market to continue,
02:49 easing upward pressure.
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