ON THE DECLINE: Job openings unexpectedly plunge to lowest level since June 2021
Reshoring Initiative founder Harry Moser provides insight on the manufacturing job growth on 'Making Money with Charles Payne.'
The Labor Department said Tuesday that there were 10.1 million job openings in August – a major decline from the previous month's revised reading of 11.17 million. has topped 10 million for 15 consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million. closely watches these figures as it tries to gauge labor market tightness; the lower-than-expected number of openings could provide some relief for policymakers as they try to slow the economy and cool painfully high inflation.
Switching jobs has been a windfall for many workers over the past year, with employees seeing an average 6.7% annual wage growth rate – a marked increase from the 4.9% of workers who do not switch jobs,Jerome Powell, chairman of the U.S. Federal Reserve, arrives to speak during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on Sept 21, 2022.
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