US job openings hit 10.1 million and labor market still strong despite Fed efforts to cool economy

A hiring sign is displayed at a restaurant in Buffalo Grove, Ill., Wednesday, May 10, 2023. On Wednesday, the Labor Department reports on job openings and labor turnover for April. and complicating Federal Reserve efforts to fight inflation.

"Demand for workers is still strong and the labor market is largely continuing to chug along nicely,'' said Nick Bunker, research director at the Indeed Hiring Lab. The Fed has raised its benchmark interest rate 10 times in the last 14 months, making it more expensive for businesses to borrow and invest. The central bank is hoping achieve a so-called soft landing — raising rates enough to slow hiring, economic growth and price increases without tipping the world's biggest economy into recession.

Hiring has slowed after posting the best two years on record in 2021 and 2022. Employers added 666,000 jobs from February through April — decent numbers by traditional standards but still the weakest three months of job creation since January 2021.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US job openings hit 10.1 million and labor market still strong despite Fed efforts to cool economyU.S. job openings rose unexpectedly in April a sign the American labor market remians surprisingly resilient as the Federal Reserve pushes interest rates higher to combat inflation
Source: ABC - 🏆 471. / 51 Read more »

Breitbart Business Digest: Debt Ceiling Deal Paves Road for Fed HikeThe deal to suspend the limit on federal government debt until 2025 removes one of the obstacles to another Federal Reserve rate increase.
Source: BreitbartNews - 🏆 610. / 51 Read more »