America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago. us economy workforce kprc2 click2houston
are now below where they were a year ago — costs are still rising fast in much of the economy’s vast service sector. As a result, the Fed is expected Wednesday to raise its benchmark short-term rate for a seventh time this year, though by a smaller amount than it has recently.
Yet with price increases still uncomfortably high, Powell and other Fed officials have underscored that they expect to keep rates, possibly through next year. On Wednesday, members of the Fed's rate-setting committee will update their projections for interest rates and other economic barometers for 2023 and beyond.
Higher wages also typically spur Americans to keep spending, a trend that can perpetuate a cycle that keeps prices high. Soini and her partner are financially secure, she said. She puts the likelihood of her ever returning to work at maybe one-third. She quit a volunteer job she had taken once it began to seem like work.
“It’s hard enough finding workers, but a bench jeweler is a dying breed,” said Moriarty, referring to an artisan who does stone setting and engraving. “You just can’t bring someone in with no experience.”
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