The Department of Labor has released statistics showing the latest figures for job openings available are at their lowest since 2021.
The report covers the Job Openings, Hires, Separations, and Size Class stats that give a transparent look at the labor market in America in 2024.
The report says vacancies fell to 7.7 million in July 2024, a small slip from 7.9 million in June. In 2022, there was a post-pandemic job boom that led to 12 million openings across America as retail and restaurants hired in a return to more normal operating levels.
The positive news for interest rates is that the Federal Government is very reluctant to hike or alter rates, as this figure, although down, shows market stability.
Job openings are at their lowest in three years
In light of the declining economic figures, the Treasury considered lowering and keeping interest rates at a stable margin. Chris Waller, a leading figure and Fed Reserve governor, addressed the Economic Club of New York, as Due reported in a talk titled “There’s still no rush.”
Waller has not ruled out cuts later in 2024, but for the moment, he states, “I continue to believe that further progress will make it appropriate for the FOMC to begin reducing the target range for the federal funds rate this year. But until that progress materializes, I am not ready to take that step. Fortunately, the strength of the U.S. economy and resilience of the labor market means the risk of waiting a little longer to ease policy is small and significantly lower than acting too soon and possibly squandering our progress on inflation.”
Inflation results for this year have been unexpected, with the Federal Reserve maintaining a stoic grip on the controls regarding rate cuts. The governmental entity isn’t keen to have a knee-jerk reaction to the current financial climate.
We reported that the Consumer Confidence Index showed that the rating of consumer trust in the market dipped to its lowest level since 2022 at 97.0. This is a slight decline from the previous month of 103.1 in March, but this lack of growth and a continued range means there is little hope for an improvement by the summer of 2024.
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