The unemployment rate has returned to pre-pandemic levels.
The Labor Department released the February edition of the Job Openings and Labor Turnover Survey, showing there were 1.36 job openings for every 1 unemployed person. The report indicates a continued reduction in job openings, which reached record vacancies in March 2022.
The report shows February’s unemployment rate increased from 3.7 percent to 3.9 percent. This reflects the return of layoffs to pre-pandemic levels.
Economists see this as an overall positive development, but the continuing gap between the two makes it unclear how the Federal Reserve will respond when they next meet to consider interest rates.
As the Lord Leads, Pray with Us…
- For Acting Secretary Julie Su to be led by God as she oversees the Labor Department.
- For U.S. labor officials to be accurate in their assessments of the employment rate and discerning in their recommendations to the president’s economic advisors.
Sources: Reuters, Fox Business
