WASHINGTON (AP) — Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago.
Cumulatively, those rate increases may be helping slow inflation. But they have also sharply increased borrowing costs for consumers and businesses — on mortgages, auto loans and credit cards, among other loans. Many economists have warned that the resulting decline in borrowing and spending will likely cause a recession in 2023.
But productivity has been especially weak in the past year. And Powell has noted that higher pay will likely feed too-high inflation in the service sector — everything from restaurants and hotels to retail stores, medical care and entertainment. The employers in these industries are labor-intensive, and they tend to pass their higher labor costs on to their customers through higher prices.
She disliked communicating over Zoom and felt disconnected from her co-workers. Once she returned to the office, she often found it mainly empty. Motion-sensitive lights would turn off, and she’d have to walk around to turn them back on. Women’s bathrooms in her building, Soini said, were often locked.Soini retired in July. Soon after, she hiked 800 miles of the Continental Divide trail along the Montana and Idaho borders.
“It’s hard enough finding workers, but a bench jeweler is a dying breed,” said Moriarty, referring to an artisan who does stone setting and engraving. “You just can’t bring someone in with no experience.”
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