Share
Getting your Trinity Audio player ready...
|
U.S. job openings rose to 11 million in December, a sign the American labor market remains hot and a blow to the Federal Reserve’s efforts to cool it off.
The Labor Department said Wednesday that openings were up from 10.4 million in November. Economists had expected job openings to drop slightly in December.
The American job market has been surprisingly resilient throughout this period of economic uncertainty.
Employers created 375,000 jobs a month in 2022 — second most in Labor Department records dating back to 1940 — and likely added another 185,000 last month, according to a survey of forecasters by the data firm FactSet. January’s hiring numbers come out Friday.
Hiring has remained strong even in the face of rising interest rates. Combating inflation that last year hit a four-decade high, the Federal Reserve has hiked its benchmark rate seven times since March and was expected to announce another rate increase later Wednesday.
The central bank is hoping to cool the job market and ease upward pressure on wages that feed into inflation. The Fed’s rate hikes are expected to slow the economy and perhaps cause a recession later this year.
RELATED TOPICS:
The Barcode Is Out. QR Codes Are In. What Does the Future Have in Store?
2 hours ago
South African Police End Mine Rescue Operation With at Least 78 Dead and 246 Survivors
3 hours ago
Vivek Ramaswamy, an Ohio Native, Is Interested in Filling Vance’s Old Senate Seat, AP Source Says
3 hours ago
Google Signs Deal With AP to Deliver Up-to-Date News Through Its Gemini AI Chatbot
3 hours ago
Will State GOP Determine Who Is Rightful Leader of Fresno GOP?
4 hours ago
CEO Arrested For Giving His 8-Year Old Son a Marijuana Gummy
5 hours ago
Madera Woman Arrested for Alleged DUI After Crashing into Guardrail
6 hours ago
Man Found Dead in Clovis. Authorities Seeks Public’s Help to Locate Family.