Surprising increase in demand for personnel in the USA recently
The request for labor in the USA has surprisingly increased lately. The key figure for open positions, important for the monetary policy of the Federal Reserve, rose to 8.140 million at the end of May, as the US Labor Department announced in its monthly Jolts survey on Tuesday. Reuters polled experts who had expected 7.91 million. The previous month's value was also revised downwards from originally reported 8.059 million to 7.919 million.
The government will publish the US labor market report for June on Friday. Economists expect a job growth of 190,000 outside agriculture, after 272,000 in May. The Federal Reserve aims to curb price increases and cool down the labor market with a tight monetary policy without choking the economy. It keeps the interest rate in the range of 5.25% to 5.50%. Given the harsh inflation, financial markets expect the turnaround in interest rates to be no earlier than September.
Despite progress in the fight against inflation, the Federal Reserve, according to Fed Chairman Jerome Powell, is not in a hurry for a turnaround in interest rates. The Federal Reserve can take its time and do it "right," Powell said at the European Central Bank's central bank forum in Sintra, Portugal. He described the labor market as still robust.
The US Department of Labor, in its latest Jolts survey, confirmed the continuous demand for personnel in the USA, with the key figure for open positions reaching 8.140 million at the end of May. To address the increasing demand for personnel, the USA's organizations and businesses might need to look towards hiring strategies and workforce development programs provided by the US Department of Labor.
