37 minutes agoA workman secures sheathing at a residential construction site in Mount Prospect, Ill., Monday, March 18, 2024. On Tuesday, April 2, 2024, the Labor Department reports on job openings and labor turnover for February. –
The high level of vacancies is a sign of the job market's strength and endurance. When the Federal Reserve began raising its benchmark interest rates two years ago to combat inflation, most economists expected the higher borrowing costs to send the United States into recession. The combination of easing inflation and sturdy job growth has raised hopes the Fed is managing to pull off a"soft landing'' — taming inflation without triggering a recession. The Fed stopped raising rates last July and has signaled that it plans to reverse course and cut rates three times in 2024. But it appears to be in no hurry to start, given the economy's strength and with inflation still above the central bank's 2% target.