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Job openings hit 10.7 million despite Fed attempts to cool economy

Job openings hit 10.7 million despite Fed attempts to cool economy
OF WHERE I MIGHT LAND. >> I AM CONSERVATIVE BECAUSE I BELIEVE IN LIMITED GOVERNMENT. >> HOW THE LIVES WE LEAD IMPACT THE CHOICES WE MAKE AT THE POLLS. SOLEDAD: I’M SOLEDAD O’BRIEN. WELCOME TO “MATTER OF FACT." WE’RE HEADING INTO THE FINAL STRETCH OF THE MIDTERM ELECTIONS. AT STAKE, CONTROL OF CONGRESS. WITH TIGHT RACES IN MANY STATES, THE HOT BUTTON ISSUES ARE NO SURPRISE: THE ECONOMY, ABORTION, AND CRIME. AFTER THE 2020 PRESIDENTIAL ELECTION, OUR CORRESPONDENT JESSICA GOMEZ EMBARKED ON A ROAD TRIP ACROSS THE MIDDLE OF THE COUNTRY. TRAVELING ALONG I-70, FROM COLORADO TO MISSOURI, TALKING TO PEOPLE ABOUT HOW THEY SEE THEIR PLACE IN AMERICA. NOW, SHE’S PICKING UP WHERE SHE LEFT OFF. HEADING EAST, FROM ILLINOIS TO MARYLAND. AT EVERY STOP SHE’S TALKING TO VOTERS ABOUT WHAT MATTERS MOST TO THEM. ♪ JESSICA: ABOUT AN HOUR NORTHEAST OF ST. LOUIS. VANDALIA, ILLINOIS ONCE THE STATE CAPITOL, AND THE BIRTHPLACE OF ABRAHAM LINCOLN’S POLITICAL CAREER. >> WHAT I AM DOING IS QUALIFYING THIS MACHINE FOR THIS ELECTION. JESSICA: WITH EARLY VOTING ALREADY UNDERWAY, FAYETTE COUNTY CLERK JESSICA BARKER, DOUBLE CHECKING THE MACHINES, ONE MORE TIME. >> I THINK IF PEOPLE UNDERSTOOD ALL THE CHECKS AND BALANCES. I THINK THEY WOULD BE MORE CONFIDENT IN THE VOTING SYSTEM. ♪ JESSICA: FROM THERE, WE HIT THE ROAD, HEADING EAST TOWARD INDIANA. >> HARD-PRESSED TO FIND A BLACK WOMAN, CONSERVATIVE REPUBLICAN, CHRISTIAN FROM THE HEARTLAND IN INDIANA. JESSICA: IN INDIANAPOLIS, WE CAUGHT UP WITH 33-YEAR-OLD WHITLEY YATES. >> PEOPLE ARE NO LONGER SAYING YOU LOOK LIKE ME SO I WILL VOTE FOR YOU. IT’S ABOUT WHAT POLICIES YOU HAVE THAT WILL IMPACT PEOPLE LIKE ME. JESSICA: SHE TELLS US IT █WAS HE TRAUMATIC CHILDHOOD THAT SHAPED HER VIEWS ON THINGS. >> I WAS BORN WITH DRUGS AND ALCOHOL IN MY SYSTEM. MY BIOLOGICAL MOTHER WAS TOLD TO IMPORT ME. INSTEAD SHE WENT INTO REHAB. FROM THAT LENS OF BEING GIVEN A CHANCE, I SUPPORT PRO-LIFE. JESSICA: AND HER TIME SPENT IN A STATE-FUNDED CHILDREN’S HOME MADE HER VALUE INDEPENDENCE. >> I NEVER WANTED TO RELY ON THE GOVERNMENT TO LEAD MY LIFE. ♪ >> WHEN I FINALLY BECAME A U.S. CITIZEN, IT WAS A DREAM COME TRUE. JESSICA: NEARBY, AT AN AMTRAK MAINTENANCE FACILITY, 60-YEAR-OLD ECKY RAHIM, AN IMMIGRANT FROM BANGLADESH. AN ACTIVE MEMBER OF HIS UNION, HE BELIEVES IN HARD WORK AND EXPANDING THE AMERICAN DREAM. >> I BELIEVE EVERY HUMAN BEING SHOULD HAVE DECENT HEALTHCARE. AND EDUCATION. POST-SECONDARY EDUCATION. >> THE FAR-REACHING EXTREMISTS, EITHER THEY ARE FAR LEFT OR RIGHT, THEY ARE MOST VOCAL AND GET THE MOST ATTENTION. THAT HAS DRIVEN SOME OF THOSE PEOPLE MORE TOWARDS THE CENTER IN MY OPINION. JESSICA: AS WE LEFT TOWN, WE STOPPED IN ON DAN AND MARY ANN CRISMAN, TO HEAR WHAT’S ON THE MINDS OF FOLKS IN RURAL GREENFIELD. >> ECONOMY CERTAINLY, INFLATION RATE, BEING WHAT IT IS, THE WORKER SHORTAGE AROUND HERE. JESSICA: DAN, AN ENGINEER, AND MARY ANN, A FORMER TEACHER, WHO NOW WORKS FOR HER CHURCH. >> IT SURPRISES PEOPLE WHEN I SAY, I REALLY THINK YOU CAN BE PRO-CHOICE AND PRO-LIFE. IF MORE OF THESE CANDIDATES TOOK THE APPROACH, THAT HEY, I NEED TO APPEAL TO THESE FOLKS WHO ARE RIGHT DOWN THE MIDDLE, I THINK THEY WOULD CATCH MORE VOTERS THAT WAY. ♪ JESSICA: BACK ON THE ROAD, WE SET OFF FOR THE SWING STATE OF OHIO. >> I AM A MEXICAN AMERICAN, I AM LGBTQ, I AM A LESBIAN, I AM A WOMAN. JESSICA: IN DAYTON, MELISSA RODRIGUEZ. >> THE NUMBER ONE ISSUE FOR ME IS LGBTQ RIGHTS, ESPECIALLY SAME SEX MARRIAGE. JESSICA: RODRIGUEZ SPENT 24 YEARS IN THE AIR FORCE, INCLUDING TWO DEPLOYMENTS. KEEPING HER PERSONAL LIFE A SECRET UNDER THE MILITARY’S DON’T ASK, DON’T TELL POLICY, UNTIL IT WAS LIFTED. >> NOT ONLY CAN THEY JOIN THE MILITARY AND FEEL SAFE TO DO IT, THE WAY THEY INTERACTED, PARTNERS BEING AT AWARDS CEREMONIES, BEING ABLE TO GREET EACH OTHER COMING HOME FROM DEPLOYMENT, THAT IS SOMETHING THAT ME AND MY PARTNER COULD NOT DO. SO, I DON’T WANT TO SEE US GO BACK. >> HONESTLY, WE’RE STRUGGLING. JESSICA: ACROSS TOWN, AT THE DAYTON FOOD BANK, LONG LINES. THE NEED, NEARLY DOUBLE WHAT IT WAS THIS TIME LAST YEAR. SO, TOO, ARE HELENA ADAMS’ GROCERY BILLS. >> IT USED TO COST $150 A WEEK TO FEED ALL FIVE OF US, AND NOW IT IS $300, $350. IT KEEPS GOING UP. IT'S RIDICULOUS. JESSICA: AND THERE’S CARL SCHAEFER, WHO HAS CANCER AND IS ON A FIXED INCOME. >> IN LESS THAN TWO YEARS, IT’S SCREWED UP SO BAD, EVERYBODY, ITS AFFECTED EVERYBODY. JESSICA: AMERICA, IT FEELS AT A CROSSROADS. BUT AS WE HEAD OUT, WE WONDERED, ARE THE LINES THAT DIVIDE US LARGER OR SMALLER THAN WE THINK? SOLEDAD: JESSICA AND HER CREW CONTINUE THEIR JOURNEY ON I-70 NEXT WEEK WITH STOPS IN OHIO,
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Job openings hit 10.7 million despite Fed attempts to cool economy
U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as the inflation fighters at the Federal Reserve hoped.Employers posted 10.7 million job vacancies in September, up from 10.3 million in August, the Labor Department said Tuesday. Economists had expected the number of job openings to drop below 10 million for the first time since June 2021.For the past two years, as the economy rebounded from 2020's COVID-19 recession, employers have complained they can't find enough workers. With so many jobs available, workers can afford to resign and seek employment that pays more or offers better perks or flexibility. So companies have been forced to raise wages to attract and keep staff. Higher pay has contributed to inflation that has hit 40-year highs in 2022.In another sign the labor market remains tight and employers unwilling to let workers go, layoffs dropped in September to 1.3 million, fewest since April. But the number of people quitting their jobs slipped in September to just below 4.1 million, still high by historical standards."By all the key metrics in this report, the labor market is resilient," said Nick Bunker, head of economic research at the Indeed Hiring Lab. "Job openings still vastly outnumber unemployed workers, the quits rate remains elevated and layoffs are still well below pre-pandemic levels."To combat higher prices, the Federal Reserve has hiked its benchmark interest rate five times this year and is expected to deliver another increase Wednesday and again at its meeting in December. The central bank is aiming for a so-called soft landing — raising rates just enough to slow economic growth and bring inflation down without causing a recession.Fed Chair Jerome Powell has expressed hope that inflationary pressure can be relieved by employers cutting job openings, not jobs.

U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as the inflation fighters at the Federal Reserve hoped.

Employers posted 10.7 million job vacancies in September, up from 10.3 million in August, the Labor Department said Tuesday. Economists had expected the number of job openings to drop below 10 million for the first time since June 2021.

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For the past two years, as the economy rebounded from 2020's COVID-19 recession, employers have complained they can't find enough workers. With so many jobs available, workers can afford to resign and seek employment that pays more or offers better perks or flexibility. So companies have been forced to raise wages to attract and keep staff. Higher pay has contributed to inflation that has hit 40-year highs in 2022.

In another sign the labor market remains tight and employers unwilling to let workers go, layoffs dropped in September to 1.3 million, fewest since April. But the number of people quitting their jobs slipped in September to just below 4.1 million, still high by historical standards.

"By all the key metrics in this report, the labor market is resilient," said Nick Bunker, head of economic research at the Indeed Hiring Lab. "Job openings still vastly outnumber unemployed workers, the quits rate remains elevated and layoffs are still well below pre-pandemic levels."

To combat higher prices, the Federal Reserve has hiked its benchmark interest rate five times this year and is expected to deliver another increase Wednesday and again at its meeting in December. The central bank is aiming for a so-called soft landing — raising rates just enough to slow economic growth and bring inflation down without causing a recession.

Fed Chair Jerome Powell has expressed hope that inflationary pressure can be relieved by employers cutting job openings, not jobs.