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Despite rising layoffs, job openings remain resilient

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Job openings in the United States increased to 9 million, indicating the ongoing resilience of the job market despite the challenges posed by rising interest rates.

This figure represented a slight uptick from November’s 8.9 million job openings, which itself was revised upwards in the latest government report.

Although job openings have gradually decreased since reaching a record high of 12 million in March 2022, they continue to remain historically high.

Prior to 2021, monthly job openings had never exceeded 8 million.

Layoffs increased

However, there were cautionary signs in the report as layoffs increased in December, suggesting some turbulence in the labor market.

Additionally, the number of Americans quitting their jobs, often seen as a sign of confidence in finding better opportunities, dipped to its lowest level since January 2021.

Despite the impact of higher interest rates, which have resulted in increased borrowing costs for consumers and businesses, the U.S. economy and job market have demonstrated surprising resilience.

Red-hot job market

The Federal Reserve raised its benchmark interest rate 11 times between March 2022 and July 2023, reaching a 23-year high of around 5.4%.

This move was aimed at cooling the red-hot job market of 2021 and 2022 and reducing pressure on businesses to raise wages, which could lead to higher prices for consumers.

Although higher rates have contributed to a slowdown in hiring, the job growth rate remains relatively healthy. In 2023, U.S. employers added 2.7 million jobs, down from 4.8 million in 2022 and a record 7.3 million in 2021.

Despite the cooling job market, the unemployment rate has remained below 4% for 23 consecutive months, the longest streak since the 1960s.

Unemployment benefits

Additionally, the number of people applying for unemployment benefits, which serves as a proxy for layoffs, has stayed remarkably low.

While inflation has slowed from its peak in mid-2022, it remains above the central bank’s 2% target.

The Federal Reserve has indicated its intention to reverse course and cut interest rates three times this year, although it is expected to leave rates unchanged at its latest policy meeting.

The financial markets anticipate the first rate cut as early as March, but the continued strength in the job market may make the Fed’s policymakers cautious about acting before mid-year.

The latest data underscore the robust demand for workers, suggesting a careful approach to ensure that inflation reaches the Fed’s 2% target.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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