A large"Now Hiring" advertisement posted on the windows of the Advance Auto Parts store in Bay Shore, New York, on March 24, 2022."Plentiful openings with relatively few available workers indicate a tight labor market and put upside pressure on wages," said Jeffrey Roach, chief economist at LPL Financial. "The Federal Reserve will continue tightening as rising wage pressure is a key risk to the inflation outlook.
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 seven rate hikes last year, lifting the benchmark federal funds rate well into restrictive territory, and have shown no signs of pausing. / Getty Images)
The number of Americans quitting their jobs, meanwhile, increased by about 126,000 to roughly 2.7% of the workforce, indicating that workers are confident they can leave their jobs and find employment elsewhere. Switching jobs has been a windfall for many workers over the past year, with employees seeing an average 7.7% annual wage growth rate in November from the previous year – up from the 5.5% received by workers who do not switch jobs,
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