The labor market is as strong as it has been in 50 years. Job openings far exceed the...
Cadets with Law Enforcement Academy of San Antonio College march during class on Thursday, Aug. 25, 2022. NorthEast Independent School District is trying to replace 20 vacancies by offering to pay the tuition of new officers coming out of training academies. The pipeline of new recruits is only recently beginning to approach pre-pandemic levels, but school districts have yet to see the return.
Electricions lay insulated tubing at the site of the new Spurs facility on Thursday July, 28, 2022. Joeris GC has signed a pledge saying it will look to hire graduates of the city’s new ready to work program.“Certainly at some point the labor market will soften, but I think that we’ve seen a permanent shift from firms to workers,” said Gus Faucher, chief economist for PNC Financial Services Group. “Things are different now than they were before the pandemic.
The risks of recession also are rising as the Federal Reserve aggressively raises interest rates to fight inflation by increasing borrowing costs, curbing spending and slowing the economy. Federal Reserve Chairman Jerome Powell recently conceded that the central bank’s polices will bring economic pain and job losses for Americans even if a recession is avoided.
Still, she had started looking for another job before her union successfully negotiated a new contract earlier this year, which will put workers on a path to earning $15 an hour over the next three years—a 3 percent raise this year, in her case. Many employers were left exasperated, grousing about a “Great Resignation” among American workers after the economy reopened; the nation’s job quit rate rose to 3 percent by the end of 2021, a record.
Eric De La Rosa left his job at a manufacturing plant early this year with some savings and a dream of being his own boss. The San Antonio native was tired of the repetitive work and thought he could be doing more. Job listings are posted on a board in a classroom as cadets with the Law Enforcement Academy of San Antonio College attend class on Thursday, Aug. 25, 2022. NorthEast Independent School District is trying to replace 20 vacancies by offering to pay the tuition of new officers coming out of training academies. The pipeline of new recruits is only recently beginning to approach pre-pandemic levels, but school districts have yet to see the return.
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