Federal Reserve’s actions to slow the economy begin taking hold.
The Bureau of Labor Statistics reported that job openings in August decreased to 10.1 million, down from 11.239 million the month before. The 10 percent downturn in numbers is a sign that the raising of interest rates by the Federal Reserve to slow commerce and curb inflation may be working.
Although openings decreased in all sectors, the largest areas were in healthcare and social assistance, other services, and retail trade.
“Net, net, one of the strongest labor markets in history is finally starting to run out of gas, with job openings plummeting by over 1 million at the end of August,” said Chris Rupkey, chief economist at FWDBONDS. “Fed officials’ hopes and prayers for a soft landing looks more achievable now that business hiring is beginning to slow down and the ‘Help Wanted’ signs are being taken down from storefront windows.”
As the Lord Leads, Pray with Us…
- For Commissioner William Beach as he oversees the Bureau of Labor Statistics.
- For Chairman Jerome Powell and other members of the Federal Reserve as they continue to try to slow the rate of inflation.
- For wisdom for Director Deese and the members of the National Economic Council as they advise the president.
Sources: Wall Street Journal, Washington Examiner
