The job gain was so large it left economists scratching their heads and wondering why the Fed's aggressive interest rate hikes haven't slowed hiring at a time when many foresee a recession nearing.
, though, inflation remains far above the Fed’s 2% target, which is why the central bank’s policymakers have reiterated their intent to keep raising borrowing rates for at least a few more months.
The Fed is aiming to achieve a “soft landing” — a pullback in the economy that is just enough to tame high inflation without triggering a recession. The policymakers hope that employers can slow wage increases and inflationary pressures by reducing job openings but not necessarily by laying off many employees.
For more specialized workers like butchers and bakers, hourly wages start at $25 to $30. Those pay gains have helped the chain attract about 10 to 12 applicants per job posting, the same level as before the pandemic. Earlier, the chain had been receiving as few as seven applicants per posting.He said he’s unsure whether the company will have to keep raising pay.
Sebastien Girard, who holds the title of “chief people officer,’’ said Centura has about 1,500 job openings each month. The market for clinical staff, like doctors, nurses and radiologists, remains extraordinarily tight, he said, though it’s eased a bit recently for other positions.
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