The Labor Department reported on Wednesday that U.S. job openings surged to a three-month high despite the Federal Reserve's interest-rate hike campaign.
A general view shows construction workers standing before the Manhattan skyline and Empire State Building, in Brooklyn on Jan. 24, 2023.closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. The higher-than-expected figure indicates that demand for employees still far outpaces the supply of available workers.
The central bank has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades. Officials have so far approved 10 straight rate hikes and have signaled that another increase is on the table at their June meeting following a slew of surprisingly hot economic data. Traders are now pricing in a 66.
A"Now Hiring" sign during a job fair at a Schneider Electric manufacturing facility in Hopkins, South Carolina, on Jan. 18, 2023. "Not only did today’s job openings number came in much stronger than expected at 10.1 million, last month’s number was revised higher," said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. "Friday’s jobs report may tell a different tale, but this is just one more sign the labor market is still hot and raises the pressure on the Fed to raise interest rates further this year.
Switching jobs has been a windfall for many workers over the past year: Roughly 49% of job-switchers saw their real hourly wage increase faster than inflation last year, compared with just 42% of workers who stayed in the same job, according to recent
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