Job Openings Drop Slightly to 11.3 Million But Remain Elevated – By Tim Smart (US News) / July 6, 2022
The dip is unlikely to change the Federal Reserve’s plan to raise interest rates again this month.
The number of jobs available in May dropped to 11.3 million, a very slight decline from April and evidence the labor market remains strong in the face of inflation and higher interest rates, the Bureau of Labor Statistics reported on Wednesday.
That number was down from the 11.4 million in April but still leaves roughly two jobs for every available applicant.
Job postings fell the most in business and professional services, as well as in the manufacturing sector.
The report is not likely to change any minds at the Federal Reserve, where the Federal Open Market Committee is poised to raise interest rates again later this month after hiking them 75 basis points in June. The central bank is looking for the labor market to cool off as it tries to bring runaway inflation under control.
