The extraordinary number of jobs per job hunter is yet another sign that it’s workers, not employers, who have the upper hand in hiring in today’s economy. Businesses have a lot of work and are eager to hire, and are raising wages to attract and retain what workers they can find. The job market is so good, in fact, that some economists view it as a problem, with wage increases adding fuel to the inflation fire. Economists expect the good employment situation to factor into the Federal Reserve’s decision-making this week as it strategizes how much to raise the benchmark interest rate in order to bring that inflation under control. Fed officials have viewed the good job market as a sign that the economy will be able to withstand higher borrowing costs without going into a recession. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
