U.S. jobs openings slid in March to the lowest level in more than three years, but stayed at historically high levels in a sign that the job market remains resi
Workers surround a manhole on a street in Park Ridge, Ill., Monday, April 29, 2024. On Wednesday, May 1, 2024, the Labor Department reports on job openings and labor turnover for March. lient in the face of higher interest rates.
The number of Americans quitting their jobs fell to the lowest level since January 2021 — a sign of diminishing confidence in their ability to find something better. But layoffs fell.Affluent Americans are driving US economy and likely delaying need for Fed rate cuts The high level of job openings reflects a surprisingly strong U.S. labor market. When the Federal Reserve began raising interest rates in March 2022 to combat a resurgence in inflation, the higher borrowing costs were expected to tip the economy into recession and push up unemployment.
Inflation eased, too — decelerating from a four-decade high 9.1% in June 2022 to 3.5% in March. The combination of falling inflation and enduring economic strength has raised hopes the Fed can manage a so-called soft landing —slowing the economy enough to tame inflation without causing a recession. Some economists have suggested there need be no landing at all: The economy can keep growing steadily as inflation comes down.
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