The Labor Department reported on Tuesday that there were 10.3 million job openings at the end of September, a sign the labor market is starting to soften.
A large"Now Hiring" advertisement posted on the windows of the Advance Auto Parts store in Bay Shore, New York, on March 24, 2022."The number of job openings in October fell slightly from the previous month but the labor market is still too tight for central bankers," said Jeffrey Roach, chief economist at LPL Financial. "Elevated job openings during a time of an economic slowdown implies that the labor market may remain tight for quite some time.
The Fed has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades. Officials approved six straight rate hikes this year, lifting the benchmark federal funds rate well into restrictive territory, and have shown no signs of pausing. Meanwhile, the number of Americans quitting their jobs held steady at 4 million, or about 2.6% of the workforce – below the high of 4.
Switching jobs has been a windfall for many workers over the past year, with employees seeing an average 6.7% annual wage growth rate – a marked increase from the 4.9% of workers who do not switch jobs,Now Hiring signs are displayed in front of restaurants in Rehoboth Beach, Delaware, on March 19, 2022.has conceded that higher rates could "give rise to increases in unemployment."
"We think we need to have softer labor market conditions," Powell said in September. "And if we want to set ourselves up really light the way to another period of a very strong labor market, we have got to get inflation behind us. I wish there were a painless way to do that. There isn't.
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