The U.S. job openings increased slightly to 8.1 million in May, while layoffs also rose, indicating a stable labor market amidst higher interest rates. The economy remained resilient despite 11 interest rate hikes in 2022 and 2023, showing signs of slowing down recently with declining job openings since March 2022.
Federal Reserve policymakers view the decrease in job openings as a way to cool the job market without significant wage pressure, contributing to efforts to tame inflation. Despite the slight slowdown in economic growth in early 2023, the job market remains strong, although the ratio of jobs to unemployed Americans has decreased.
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