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Job openings reach 7.6M led by one sector, Diane Swonk notes

Job openings reach 7.6M led by one sector, Diane Swonk notes
Job openings led by one U.S. sector

Diane Swonk highlights a notable surge in U.S. job openings, emphasizing that the headline figure of 7.6 million is misleading.

According to Swonk, the increase was largely concentrated in the professional business services sector, which experienced its largest recorded uptick, including a significant hiring frenzy. She suggests that this sector's unusual spike skews the overall interpretation of the labor market data.

Swonk recently noted that U.S. inflation as measured by the April PCE index remains high. She also reported an increase in concern among Federal Reserve officials over inflation risks, according to the latest FOMC meeting minutes. The latest labor data comes as policymakers continue to monitor signs of persistent price pressures.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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