Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago. Problem is, there aren’t enough applicants. The nation’s labor force is smaller than when the pandemic struck.
WASHINGTON—Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago. Problem is, there aren’t enough applicants. The nation’s labor force is smaller than when the pandemic struck.
The central bank has boosted its key rate by a substantial three-quarters of a point four straight times, to a range of 3.75 percent to 4 percent, the highest level in 15 years. Powell has signaled that the Fed will likely raise its benchmark rate by a half-point this week, and many economists expect quarter-point rate hikes after that.
But productivity has been especially weak in the past year. And Powell has noted that higher pay will likely feed too-high inflation in the service sector—everything from restaurants and hotels to retail stores, medical care and entertainment. The employers in these industries are labor-intensive, and they tend to pass their higher labor costs on to their customers through higher prices.
For Diane Soini, it was the experience of working from home and then having to endure a dismal return to the workplace that led her to retire after working 11 years as a computer programmer with the University of California, Santa Barbara. Before the pandemic, Soini had enjoyed going into work. She felt respected by colleagues. She had asked for, and received, her own office.She disliked communicating over Zoom and felt disconnected from her co-workers.
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